The five municipalities backing the construction of the West Parry Sound Recreation and Cultural Centre are obtaining a $13.5 million dollar line of credit from Scotiabank to fund the project.
Each municipality is being asked to proportionately guarantee a portion of the loan.
At a meeting on Tuesday night, Parry Sound council approved their share – more than $3.9 million dollars.
Under the agreement, Seguin’s portion would be $3.5 million, McDougall would be responsible for $2.6 million, The Township of the Archipelago $1.9 million and Carling $1.5 million.
Officials say the line of credit won’t be obtained until all five municipalities pass approvals.
The West Parry Sound Recreation and Cultural Centre project began with a budget of $32 million. Of that, $23.3 million (73%) is being funded through an Investing in Canada Infrastructure (ICIP) grant. The remainder of the project costs are being covered by area municipalities.
The project budget has since grown to $39.3 million.
