Town receives $500,000 cheque from Oakville Gymnastics Club

Tuesday, February 08, 2011 – for immediate release

Town receives $500,000 cheque from Oakville Gymnastics Club

Pre-payment reduces term of loan by eight years

At last night’s Council meeting, the Oakville Gymnastics Club presented Mayor Rob Burton and Members of Council with a cheque for $500,000 that will go toward a financial loan that allowed the club to build a permanent gymnastics facility at the Glen Abbey Community Centre in 2006. This pre-payment reduces the term of the loan by eight years.

“Partnerships with local sports groups like the Oakville Gymnastics Club allow us to enhance programs and services available to Oakville residents in a fiscally responsible manner,” said Mayor Rob Burton. “Not only has the Oakville Gymnastics Club been making regular monthly payments since 2007, now they’re choosing to repay almost a third of the loan before it’s even due. This is a win-win partnership for our community.”

As of December 2010, the Oakville Gymnastics Club owed the town $1,522,879 repayable over a term extending to August 1, 2027 at an annual interest rate of 5.5 per cent. Since the facility was built, the Oakville Gymnastics Club has experienced growth in membership and is in a sound financial position to pay back a large portion of the loan earlier than expected. The club’s pre-payment of $500,000 will reduce the term of the loan until December 1, 2019 and lower the annual interest rate to 4.5 per cent.

“We’re excited that we’ll be fully paid eight years earlier than anticipated,” said Wayne Hussey, Chief Operating Officer, Oakville Gymnastics Club. “Our club is doing exceptionally well and we’re appreciative of this generous partnership that allowed us to exceed even our own expectations for success.”

In 2006, the Glen Abbey Community Centre underwent renovations to meet the growing needs of the community. This included the addition of the Oakville Gymnastics Club’s 25,000-square-foot facility. The renovations at Glen Abbey Community Centre were made possible through partnerships from all levels of government and the community. The Government of Canada and the Government of Ontario each invested approximately $1,300,000 toward the project through the Canada-Ontario Infrastructure Program. The Town of Oakville and its partners, the Oakville Public Library and the Oakville Gymnastics Club, invested the balance of the project’s total cost of $11,732,400.

The Glen Abbey Community Centre is located at 1415 Third Line and is open seven days a week. For more information about the Oakville Gymnastics Club visit their website.

-30-

Media contacts

Domenic Lunardo
Commissioner Community Services
Town of Oakville
905-815-6045
dlunardo@oakville.ca

Janine Ivings
Senior Communications Advisor
Corporate Communications
905-845-6601, ext. 3005
jivings@oakville.ca


Sign up for the town’s RSS feeds

to get information delivered right to your desktop.

Excerpt from:

Town receives $500,000 cheque from Oakville Gymnastics Club