It’s like winning the lottery … twice … in less than six months.
On June 27, Centre Wellington councillors were officially informed the township will be getting an additional USD $1.164 million – about CAD $1.5 million – from the Jack R. MacDonald Charitable Trust.
MacDonald was a benefactor who, during his lifetime, made donations in excess of $300,000 to the former Village of Elora, and post-amalgamation to the Township of Centre Wellington for the Elora urban area.
Upon his death in 2013, most of his estate (roughly USD $187 million) went to the Jack R. MacDonald Charitable Trust, of which Centre Wellington was one of five recipients.
Earlier this year, the Seattle Children’s Hospital Foundation, The Salvation Army and the University of Washington (three of the four other beneficiaries, along with Seattle Unity Church) decided to reform the trust fund to allow for a one-time payout rather than a continuation of annual payments.
In March, Centre Wellington council passed a bylaw entering into a non-judicial agreement to reform the trust fund, and at that time the township received US $1.5 million, or about CAD $1.9.
Council allocated those funds to clear an internal loan for Civic Centre accessibility improvements with the balance used for Elora downtown improvements, including the construction of the Victoria Street pedestrian bridge.
Part of the reform process included Jack R. MacDonald Charitable Trust obtaining approval of the Washington State Attorney General.
Upon review of the agreement by attorney general’s office, the distribution to each of the Township of Centre Wellington and the Seattle Unity Church was increased from USD $1.5 million to USD $2,664,189 (about CAD $3.4 million) to include what the future cost would be to administer a USD $1.5-million fund.
It is anticipated the Bank of America will wire the total USD $2,664,189 to the township by mid-July.
Managing director of corporate services Wes Snarr’s report to council stated staff recommend council place the additional funds into a reserve.
Snarr’s report noted the market exchange rate in effect at time his report was about $1.29 (CAD to USD).
CAO Andy Goldie explained the additional funds are “all to do with U.S. legal law which is not our area of expertise.”
Goldie added “once we get a better handle of what the downtown improvement costs will be, then in 2017 and 2018 we will look at what to do with the money leftover.
“It’s a great a News story.”
One stipulation of the trust fund, which came into being prior to the amalgamation that created Centre Wellington, is that it is limited to public improvements within the original municipal boundaries of the village of Elora.
Goldie sees some exciting opportunities coming forward for the community.
“This gives us a little bit more time to think about things. We really want to not overspend and do this realistically, but it gives us some opportunities for the future.”
Centre Wellington Mayor Kelly Linton was equally enthusiastic about the News.
“It was a huge surprise to get this … when we already had the (USD) $1.5 million. Having it added to by (USD) $1.2 million – that will bring the total to (CAD) $3.4 million.”
Linton explained the initial amount received will be used in downtown Elora for streetscape work and the new pedestrian bridge.
As to the future, Linton said, “We’re going to talk as a council on how to use the additional money. There’s a bunch of different options …
“I tend to think it should be something of a legacy project, that the majority of the community can be proud of – and leave a lasting memory of the Jack R. MacDonald Trust.”
Linton said council needs to identify its priorities before a decision is made.
“It needs to be a clear benefit to people in Centre Wellington – specifically in Elora,” he said.
Linton added other unexpected funding came in the form of $2.3 million from the Ontario government’s approval of funding for the St. David Street bridge in Fergus … “all in one year.”
“None of that is money we expected to get,” said Linton.
“It’s a huge bonus for us. And when it is unexpected it’s even more exciting.”
He added “this is revenue which doesn’t have to come from the taxpayer.”
