The financial future of the Sauble Beach Medical Clinic is up in the air.
Chair of the not-for-profit group, Carl Noble, asked South Bruce Peninsula council to act as a guarantor so they could get the best rate available on a mortgage.
Council, on the advice of its’ lawyer, turned down the request.
Noble says not only will the interest rate be higher, but the amortization would be over 15 years instead of 25, making the payments much higher now.
The building is worth more than two million dollars, and the 10 mortgage holders are owed about 1.1 million.
Noble says a meeting is being organized for later this month to decide what’s next.
If the mortgage holders want their money, he says the building would likely have to be sold and it would lose its’ non-profit status.
The Sauble Family health team operates out of the medical clinic and pays rent for using it.
Noble says regardless of who owns it, the Family health team would remain as the primary tenant.
