Langley City council has approved the contribution of “significant funds” towards the retirement of the mortgage for the Langley Senior Resources Centre.
The payments, which were approved during the Dec. 16 regular council meeting, include $74,000 from the City’s 2013 enterprise fund, with the balance to be paid from the 2014 budget.
This remaining $40,000 instalment cannot be paid out until the spring budget deliberations are finished, prompting one councillor to warn that a lack of quick action will cause an increased cost to the City.
“It was my impression that it was our intention to deliver the 2014 funds in a timely manner,” said Councillor Dave Hall at council’s Jan. 11 meeting. “Every day or week or month that clicks by, it means that interest is still accruing on the remaining funds.”
According to Councillor Gayle Martin, the mortgage retirement will end a more than decade-long relationship between Langley City and the Seniors Resources Society, which saw yearly $40,000 contributions from the City towards the centre’s mortgage.
Members of council also directed City staff to look into what the society’s needs will be once the mortgage has been eliminated.
“More important to me is how are we going to carry on this relationship with the seniors’ centre,” said Martin.
