The TICA Board of Directors is pleased to announce that necessary financing has been secured to complete the Forbes Hall Expansion Project. The total amount to be borrowed for completion is $395,000, significantly less than was estimated in September 2020. The remarkable generosity of our Local Lenders, who have loaned TICA $335,000, has reduced the amount of commercial borrowing to $60,000.
After negotiations with Van City Credit Union, Coastal Community Credit Union, and the Royal Bank of Canada (RBC), TICA signed a line of credit for up to $60,000 with RBC. They offered the lowest interest rate, and no fees, the least expensive, commercial-financial alternative of all three institutions. TICA will now continue with the final stages of the project - the purchase of a generator, a rain collection system, and the final installations in the kitchen. Funds from the line of credit will only be accessed when required.
The next step will be preparing a plan to repay the loans. Over the summer, several paths will be explored to get Back to the Black, these options will be presented to the community in the fall.
Thank you for your continued support of the Forbes Hall Community Centre,
Ron Bannister
President - Thetis Island Community Association
