A proposal to loan $500,000 to the society that operates The Exploration Place will be up for consideration at the Fraser-Fort George Regional District board of directors' regular meeting this month.
Pending board approval, the loan would amount to a conversion from two advances on the Fraser-Fort George Regional Museum Society's 2024 operating grant.
In March 2020 the museum was forced to close by the pandemic and at that time a $1.4-million renovation was launched with a plan to reopen by early-summer 2022.
However, supply chain issues and labour shortages postponed the re-opening to the end of October 2022.
The delay has "presented operational challenges," staff has said in reports to directors.
At the end of 2023, the FFGRD advanced the Society $250,000 from its 2024 operating grant to assist with cashflow pressures. A further $250,000 was advanced at the end of January.
The Society's operating grant from the FFGRD stands at $881,290 for 2024.
Under the proposed terms, the $500,000 would be paid back over five years with an interest rate of four per cent during the term, according to a notice posted last week on the regional district's website.
Directors will consider the matter at their April 18 meeting.
