The Council of the Township of Whitewater Region approved the Tile Drain Loan application from Barry Gould (Gouldhaven Farms) in the amount of $50,000 for approximately 32 hectares subject to funding approval from the Ministry of Agriculture, Food and Rural Affairs.
“I think we’ll see more of this over time as the bank’s interest rates increase, the farmers are looking to train the tiles.” CAO Ivan Burton said. “We anticipate this to be a 50,000 loan.”
He said that they would collect over the next ten years. And that the Council had a bylaw to borrow up to 300,000.
Councillor Trimm asked if the Gould’s Farms “jumped the gun” and went ahead from the work, and asked if there was a way to better communicate the policy in the future.
“Don’t quote me on this, but it says they may not get the grant if they start the work.” Treasurer Crozier said.
He said that that it has been verified that the work was completed, and that the Ministry will vote on the next step.
Councillor Tabbert asked if they can increase the amount at any time.
Crozier said that there is an appeal period of 28 days for others to contest any increase in the amount they ask for.
“The rate is set at 6% and we don’t see it increasing. I think people will find it more attractive than going to the bank.”
Mayor Nicholson said he thought this was ‘a great opportunity’.
He also asked if the loan was secured against the land title, which Treasurer Crozier confirmed.
