HomeMy WebLinkAbout05 105 Amend Kin Yacht Club
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THE CORPORATION OF THE MUNICIPALITY OF KINC INE
NO. 2005 -105
BEING A BY-LAW TO AUTHORIZE THE SIGNING OF AMENDED
AGREEMENT WITH THE KINCARDINE YACHT CLUB
FOR THE OPERATION OF THE KINCARDINE INA
WHEREAS Section 110 of the Municipal Act, 2001, S.D. 001, c. 25, as
amended authorizes municipalities to enter into agreements for the provision of
municipal capital facilities by any person;
AND WHEREAS pursuant to the said Municipal Act, Sections 8 nd 9 (1) provide
municipalities with the powers of a natural person to enable the to govem their
affairs as they consider appropriate under this or any other Act and to enhance
their ability to respond to municipal issues;
AND WHEREAS The Municipality of Kincardine entered into an greement with
the Kincardine Yacht Club to provide management services for t harbour with
the passage of By-law No. 2000 - 56, as amended by By-law No 2000 - 164 and
By-law No. 2001 - 16;
AND WHEREAS Schedule 'C" of the Agreement provides for the redistribution of
net profits the year following the forgiveness of a note in the amo nt of $135,000;
AND WHEREAS the Kincardine Yacht Club note was forgiven fo owing the 2004
season; ,
NOW THEREFORE the Council for The Corporation of the Municipality of
Kincardine ENACTS as follows:
1. Schedule 'C" of the Kincardine Yacht Club Agreement, auth rized by By-law
No. 2000-56, be replaced with the attached Schedule "C" to t agreement.
'2. That the Mayor and CAD be authorized to sign, on behalf of he Corporation
of the Municipality of Kincardine, the Amended Sched Ie 'C" of the
Agreement with the Kincardine Yacht Club.
3. This By-law shall come into full force and effect upon its final
4. This By-law may be cited as the "Amendment to the Kinca
Agreement (2005) ,By-law".
READ a FIRST and SECOND time this 6111 day of July, 2005.
READ a THIRD time and FINALLY PASSED this 13th day of July 2005.
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Mayor '
Schedule C
To
Kincardine Yacht Club Agreement
(amended July 7,2005)
As per Schedule C, 'Profit Sharing and Repayment Schedule" of an Agreement
between the Municipality ofoKincardine and the Kincardine Yacht Club, dated
May 10, 2000 and authorized by the adoption of By-law No. 2000 - 56,profit
sharing between the Municipality of Kincardine and the Kincardine Yacht Club on
the net profits eamed by the Kincardine Marina will be split in the following
manner, for the remainder of the agreement (2005 through to March 31, 2010)
and based on an estimated $35,000 net profit per year.
i) 50% ($17,500) to Kincardine Yacht Club.
ii) 50% ($17,500) to the Municipality of Kincardine.
The municipality's share will be used to pay down an
existing loan required to finance floating docks. Once the
floating dock loan repayment is complete, the
Municipality's 50% share will be placed into the Harbour
Reserve Fund.
The intention of the Harbour Reserve Fund is to maintainfreplace all
infrastructure in the harbour basin, lighthouse property and facilities within
200 feet of the harbour(ie. washrooms, docks, lighting, dredging, etc).
Priority will be given to direct marina requirements.
In the event that the net profit eamed by the Kincardine Marina, prior to full
repayment of the loan is greater than $35,000 in any given year, any net
amount over $35,000 will be distributed in the following manner:
iii) 50% to the Kincardine Yacht Club
iv) 50% to the Municipality of Kincardine for placement in the
Harbour Reserve Fund.
THE CORPORATION OF THE
MUNICIPALITY OF KINCARDINE
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Mayor .
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CAD
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YACHT CLUB
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Treasurer
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