According to the town of Olds, the decision has been made by council to require the re-organization of the loan financing provided to Olds Institute.
96.5 CKFM spoke to Mayor Michael Muzychka on Monday, May 25th.
The town of Olds isssued a press release on Friday, May 22nd which stated after significant and lengthy consideration by Olds Town Council, the decision has been made to require the re-organization of the loan financing provided to Olds Institute.
Olds Institute is a non-profit group that oversees Olds Fibre Ltd. and a for-profit business that owns O-NET.
Council has begun the first steps towards this process through legal counsel, which includes the request for repayment of the $14 million dollar loan to Olds Institute and additional process thereafter.
This will mean business as usual for Olds Institute and will not disrupt services/operations offered by O-NET. The Town’s goal is to work collaboratively and cooperatively with Olds Institute towards a mutually agreeable solution.
Olds Town Council has been a strong supporter of O-NET in the past and will continue to do so during this re-organization. By resolution Olds Town Council has made this decision to increase the oversight in the Town’s investment the operations of Olds Institute including O-NET.
As this process unfolds, Town Administration will provide updates from time to time as determined to be necessary or warranted. Olds Town Council looks forward to an efficient and productive process, and a continued operation and services of the organizations in the ordinary course.