Festivals Kelowna propose loan sked
Festivals Kelowna is hoping to repay its debt with the City of Kelowna over the next three years.
The organization received $73,000 from the city in November to retire the deficit incurred by the 2009 Music and Arts Festival.
Festivals Kelowna was asked to repay $43,000 of that with the remaining $30,000 being covered through other sources.
Festivals Kelowna has proposed to pay the city $14,333 per year over the next three years. Payments would be made in December of each year beginning in 2010.
Kelowna Council will be asked to approve the repayment schedule along with the establishment of an arms length independent governance structure for Festivals Kelowna and a new three year agreement for delivery of four yearly programs.
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