Fate of Gibson Centre closer to a proposed resolution

Posted September 7, 2012

Representatives from the Town and the Gibson Cultural Centre Corporation met earlier this week following a summer recess, to continue behind closed door negotiations that reportedly includes the option of New Tecumseth taking ownership of the Tupper Street property.

Such a scenario would include the Town paying off the financial obligation owed to members of the Gibson family who hold the facility's mortgage, a note that was due last December, but extended another year to December 2012.

"Any resolution will be brought forward in public as it should be," is all mayor Mike MacEachern would say about the negotiations.

The Gibson Centre required its annual $25,000 grant to meet its payroll obligations earlier this year, and this spring, lost its executive director Angela Drainville, who accepted a job with the Town's parks, recreation, and culture department.

Members of the Gibson family are owed approximately $1 million. New Tecumseth has about $1.5 million invested in the facility, including a $1 million grant that was provided to help pay for the initial renovation. The Town is not keen on the property moving into default. But the facility has had trouble generating enough revenue to cover its debt service and operating obligations which is why New Tecumseth is in the picture.

At this post, it's not clear when a proposal will be ready for council to consider, but it's expected before December. More details as they become available.

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