Kincardine Committee of the Whole is considering establishing a new Community Benefits Reserve Fund which will be financed through annual payments received under the Development Agreement with the Samsung/Pattern Armow wind turbine build.
The annual payment is $630,000, adjusted for inflation each year with the first payment being made within 90-days after the commercial operation start date.
The funds are to be used exclusively for energy sustainability; land stewardship; public recreational facilities; protective services; municipal servicing infrastructure and in some cases, property tax relief as permitted under the Municipal Act.
Before any money is spent from the fund though, the town will consult with SP Armow for its input.
Kincardine council will deal with the matter at its September 16th meeting.
