Another step in the waiting game to find a possible buyer for Osprey Ridge Golf Course. The Municipality of Lunenburg has approved a temporary borrowing resolution to pay a balloon payment of $2.9-million to the Municipal Finance Corporation. The municipality issued a default notice to operators of Osprey Ridge last September and assumed title of the property in December. CAO Tammy Wilson says council could have decided to pull money from their own reserves.
"That would put the municipality in a position where we'd be depleting our reserves to address this issue. We are developing a marketing strategy and hopefully being able to market the golf course in the near future and because of that we chose a three-year loan as opposed to anything longer."
The Minister of Service Nova Scotia will need to approve the temporary borrowing resolution. The balloon payment is due in May.
