Hanover is going to back a three million dollar loan for the Hanover Bentinck and Brant Agriculture Society.
It’s all part of the Ag Societys Raceway expansion and new 600 seat Banquet Hall project.
Construction on the 14 million dollar project is slated to begin in late September.
Hanover’s three million dollar loan guarantee comes with a few conditions.
The town wants to have full access to the projects financial records and construction status.
The three million dollar loan guarantee by Hanover means a 2.5 to 3 per cent savings on the borrowing interest rate for the Ag Society.
Mayor Kathi Maskell is glad they could help and says they are looking forward to the Banquet Hall and all its amenities.
Maskell says the Banquet Hall will fill a real need in Hanover.
Originally the Ag Society had hoped Hanover would back seven million dollars of its loan — but they dropped that amount to three million after discussion with town staff.
Council has hinted however that they may be willing to revisit the issue and increase the amount.
But this will hinge upon the Ag Society and whether or not it will adhere to all of the town’s conditions.
Hanover owns the land in which the Banquet Hall will be located on, which is just behind the Slot Facility.
