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Municipality comes up with new debt repayment agreement for Elora Rocks

The organization would pay about $630 less per year under the new agreement
Elora Rocks team logo.

ELORA – Staff have come up with a new agreement that lowers the yearly loan payments the Elora Rocks hockey club has to pay the Township of Centre Wellington.

A report going forward to Centre Wellington council recommends a revised agreement with the Elora Rocks senior hockey organization that would see debt payments drop by about $630 per year to $2,514.92. 

The organization recently asked the township and council to consider waiving an existing $25,149.20 interest free loan the organization owes in ice rental fees, otherwise the team may have been forced to suspend operations. 

Since being under new management in 2021, the Rocks had paid off $6,400 of the loan. Under the current agreement, the Elora Rocks pay $3,143.65 each year.

At an April meeting, council directed staff to investigate a restructured agreement.

The report said township staff in consultation with the Elora Rocks have come up with a new agreement that would see annual payments of $2,514.92 each year ending in 2033. 

This is the only part of the agreement between the township and the Rocks that would change.

Staff recommend council delegate authority to the managing director of corporate services and treasurer to enact the proposed changes.