Lilac Terrace, a senior’s supported living complex owned by the Elk Valley Seniors Housing Society in Sparwood received a generous donation on November 27.
According to administrator Michelle Malan, Lilac Terrace reached out to the Sparwood Futures Society for a donation to offset a loan from the District of Sparwood. An expansion to the Lilac Terrace building was completed in October 2015, and according to Malan, the district provided a loan to help with the construction.
“A few years ago, we did an expansion of the building and then the District of Sparwood gave us this loan because we were running short and ever since then, we’ve been paying off this loan,” she said.
At their board meeting on November 27, Lilac Terrace was pleased to hear that the Futures Society agreed to their request and donated a sum of $25,000.
Malan read a letter from the Futures Society stating, “We are very pleased to be in a position that we can support your request and have passed a motion at our November meeting paying a donation of $25,000. The sum will be directly applied to your outstanding loan with the District of Sparwood.”
Part of the original loan agreement was that “We are allowed to pay off a lump sum” said Malan. “With the donation that we received, this will shorten the term by at least, I think, two years and we will be saving on interest so I’m really so very thankful to the Futures Society for giving us this amount.”
Thanks are due to the District of Sparwood as well, Malan noted. “When we renegotiated the terms again for the next few years they said ‘okay, we can do it at prime rates.’ So I’m really thankful to the district as well for this new council for being so considerate.”
The Sparwood Futures Society is a collection of service organizations that include the Sparwood & District Chamber of Commerce, Sparwood Lions Club, The Fraternal Order of Eagles, The Knights of Columbus, Coal Miners Days Society and The Sparwood Legion.
