The Town of Princeton has entered into a five year agreement with the Vermilion Fork Metis Association (VMFA) to lease the former Princeton Chamber of Commerce building on Highway 3.
At a recent meeting council agreed to the terms of the lease, which includes a five year extension option.
The VMFA will pay the town $825 per year for use of the property.
Earlier this summer the town and the Regional District of Okanagan Similkameen partnered to buy the building from the chamber, for $300,000.
It was necessary for the municipality to internally borrow $150,000 from a reserve fund.
Related: Princeton and RDOS partner to buy chamber building on Highway 3
The annual rent is equal to the interest that must be paid to the reserve.
In a July interview, Ed Vermette, one of the founders of the association, said the goal is to create a cultural centre “that would be a model for other communities in B.C.”
The VFMA, established in 2018, has more than 100 members.
Do you have something to add to this story, or something else we should report on? Email:andrea.demeer@similkameenspotlight.com
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