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VOTING RESULTS FOR THE EXTRAORDINARY GENERAL MEETING
OF NORTH SHORE GIRLS SOCCER CLUB
ON WEDNESDAY, NOVEMBER 18TH, 2009 AT 8:00 P.M.
The Field Sub-Committee is developing plans to construct a 30,000 square foot air-supported training facility on the lower gravel field at Windsor Secondary School. Project costs are currently estimated to be $1.6 million. Proceeding with the project is subject to:
· Attaining all necessary building and other permits from the District of North Vancouver
· Satisfactory plans for traffic control, parking and facility access are in-place and fully financed
· Confirmation that project funding, as discussed below, is in place
· Confirmation through tender processes that total project costs are reasonably close to the currently estimated $1.6 million
Should the project go ahead, completion is planned for the summer of 2010.
Funding for the training facility project would come from three sources; approximately 50% is expected from Western Economic Diversification Canada through the Recreation Infrastructure Canada (RInC) Program, approximately $650,000 would be borrowed from Vancouver City Savings Credit Union (Vancity), and the remainder would be from cash on hand.
The RInC Program is a cost reimbursement program, with the Club allowed to make 4 funding applications per calendar year. Because contractor payments precede funding reimbursements, the RInC Program provides a temporary advance facility for organizations such as the NSGSC which, unlike Municipalities, have limited working capital. It is expected that, should the project proceed, the Club would make use of this advance facility.
Because amounts to be borrowed exceed the authority of the Directors under section 11 (a) (iii) of the Club’s by-laws, the following resolution was introduced and seconded at the Meeting:
"RESOLVED, that, subject to resolution satisfactory to the Board of the NSGSC of the by-law and zoning approval issues necessary to the above project, and subject to the NSGSSC being awarded RInC funding, the Board of the NSGSC is authorized to borrow up to $650,000 from VanCity and accept the RinC grant on the terms described above, on behalf of the NSGSC in order to finance construction of a training facility.”
IN FAVOR 82 AGAINST 0
Motion passed unanimously
More information about the project is posted on the club website at http://www.nsgsc.ca/doc/presentation6.pdf or club members with questions can also contact Mac Nelson or Pat McGuire at macnelson@telus.net or Patrick.mcguire.football@gmail.com.
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