Notice of Assistance (Loan Guarantee)

Notice is given that the North Cowichan Municipal Council intends to provide assistance to the Duncan-Cowichan Chamber of Commerce, in the form of a loan guarantee of $400,000, so that the Chamber can build a new tourist information centre at 2896 Drinkwater Road.
Notice of this proposal was previously published on November 23 and Nov 30, 2011 of the nature and extent of the assistance.

The term of the assistance will be up to one-year to guarantee payment of a construction loan.  Following completion of construction, it is anticipated that the construction loan will be converted to long term borrowing.  Thereafter, the loan guarantee could, with elector approval, apply to the long term borrowing for a further period not to exceed 35-years.

For further information phone Mark Ruttan, Corporate Officer, at (250) 746-3100.