Town begins process of backing Bingo loan
The town backing the loan would mean that it would be on the hook should the bingo association miss payments - Mike Marshall
The Town of Bonnyville is looking to help out the local Bingo. Town council has voted to begin the process of guaranteeing a loan of about $140,000 from the Lakeland Credit Union to the Bonnyville Bingo Association. The loan would be used to help renovate a potential new home after the lease for the Agriplex inside the C2 comes to an end. Town Councillor Ray Prevost has some reservations about the idea of the town backing loans.
“I still don’t think that the town should be in the business of backing loans. We’re in the business of running the town, so I’m having some issue. I know very well what the bingo association means to the community.”
The property the bingo association is looking to take over is at 6217 50th Avenue. The town backing the loan would mean that it would be on the hook should the bingo association miss payments. Councillor Brian McEvoy says it’s similar to a request from the Bonnyville Pontiacs last May
“This is basically the same thing we did with the Pontiacs. At this point, I would be willing to make this motion because it has to be advertised publicly.”
The bylaw to guarantee the loan passed first reading on April 9th. Under municipal rules, it has to be advertised in the local newspaper for two weeks before it can move on to second and third reading.