The future of MY Millennium Place is looking brighter this week, after the three main stakeholders finally came to an agreement on the transfer terms.
The Resort Municipality of Whistler should receive ownership of the multi-use facility in the first week of December. Then, once that transfer from the Whistler Interfaith Society is complete, the RMOW can focus on repaying North Shore Credit Union’s outstanding loan.
The agreement, reached during a meeting held on Monday, Nov. 10, comes two weeks after the credit union called in their $3.2 million loan for MY Place. At that time, NSCU vice president Doug Smith said if the three main groups could find a solution, the credit union would not foreclose on the property.
A relieved Lisa Landry, general manager of economic viability for the municipality, said on Wednesday, Nov. 12, she will contact the credit union as soon as possible to let them know about the agreement.
She said because the economic markets are “quite bad right now,” she did not know exactly when the municipality would borrow the money from the Municipal Finance Authority (MFA). But she believed the municipality would get the money within six months.
Before the ownership transfer can be completed, however, both council and the Whistler Interfaith Society board need to approve the new terms during their scheduled November meetings.
Monday’s meeting, where the agreement was reached, marked the first time that representatives from the Whistler Interfaith Society, MY Millennium Place Society and the RMOW all came to the same table to discuss the facility’s future.
“We had a great meeting,” said Councillor Tim Wake, who chaired the gathering.
“All parties I thought were very cooperative and collaborative and constructive. I think we have worked everything out and the agreement is being drafted.”