Still no NRE funding decision, Council demands more legal and financial info
NANAIMO — The future of the Nanaimo Recycling Exchange remains as uncertain as ever, as Council seeks legal advice on the impact funding the non-profit operation would have.
Council voted Monday night to refer a funding request from the NRE to build a new facility back to staff to get legal advice prior to potentially examining the NRE’s business case.
It marks the third time since March Council has declined to hand over $6.05 million requested by the NRE, which has been closed for nearly three months.
A City staff report outlined three funding options: an annual 20-year grant, or a pair of one-time grants. The report stated a one-time payout from reserves would not be recommended. The report said borrowing all at once does not meet the criteria of the Municipal Finance Authority.