A report soon to be tabled with the city's Community and Social Services Committee will reveal whether the owner and operator of an inflatable soccer dome facility in Guelph's Centennial Park will be able to stay afloat.
Guelph Community Sports, a non-profit corporation set up to administer the soccer dome, and Guelph Soccer, the dome's main tenant, approached city hall in 2012 to warn that Guelph Community Sports was having trouble making the payments on a loan it took out to finance building the facility.
The City of Guelph co-signed the loan, and would be on the hook for a little more than $500,000 if Guelph Community Sports defaulted.
So after a long back and forth between senior city staff, and directors from both Guelph Community Sports and Guelph Soccer , councillors voted in September 2013 to instruct staff to help Guelph Community Sports renegotitate the loan, extending its payment term from 10 years to 15, in order to lower the monthly payment.
But in exchange, the city wants Guelph Soccer to become a guarantor of the loan. Guelph Soccer officials publicly refused to sign on to take responsibility for the loan, saying they had contributed enough of their group's money to keep the dome afloat.
I await the latest report, which will indicate whether the city and the non-profits have reached some sort of agreement on the loan.