PROCEDURE ESTABLISHED FOR COMMUNITY BENEFITS FUND 3/20/2017 7:10:48 AM
The Municipality of Kincardine will not be moving the goal posts when it comes to local groups and organizations applying for a portion of annual revenues provided under the Armow Wind Project Community Benefits Fund.
Monies from the fund for both 2016 and 2017 were diverted to the Municipal Airport Reconstruction initiative, leaving 25 potential projects totaling $6.4 million in the lurch.
At Council's meeting March 15th, Administration recommended freezing the Community Benefits Fund for several years to allow interest on the annual Armow payment to accrue and in effect, build up the bank account.
Mayor Anne Eadie says the majority of elected reps preferred the status quo.
Eadie says Option C, to bank the money and earn interest on it, made less sense when balances are earning two percentage points or less.