City purchases Peterborough Naval Association property
Association setting up trust fund to support veterans with proceeds
The Peterborough Naval Association is selling its Whitla Street property three years earlier than planned because of higher maintenance costs and loss of revenue because of the COVID-19 pandemic.
With the purchase of the property by the city, the association will be able to set up a trust fund to support veterans and their families.
The decision comes as revenues for the association are at an all-time low and costs such as mortgages and property maintenance are increasing.
The association has been plagued in recent years with the high cost of maintaining their buildings on the property due to the age of them.
Rising maintenance and operating costs were the main factor behind the increased costs for the association, specifically the property at 24 Whitla St. in the city’s southeast end, said Dan Ayotte, interim president of the association.
“Our members voted to dissolve the association and sell the property at this time to create a legacy fund that will continue to support veterans and their families into the future,” Ayotte said.
“We put a number of options
to our members, including continuing on with the association in different forms. The members decided to create a legacy fund.”
Three quarters of the members voted in favour of the planned sale of the property, he said.
The city had reached a deal with the association in 2013 to purchase the property in full in 2023.
“The city has been very understanding and willing to work with the Naval Association to find a permanent solution to the association’s operating cost dilemma,” Ayotte said.
The city will turn the property into public land. It is located next to Beavermead Park, where a future extension to the city’s trail system around Little Lake is planned.
The city has not told the public how much it is paying for the property.
In the 2013 agreement with the city, the city agreed to buy the property and provide a grant for a new pedestrian bridge spanning Meade Creek.
The Peterborough Naval Association has been helping veterans since 1947. The association was credited in the formation of the national Royal Canadian Naval Association.
“The Peterborough Naval Association’s longevity was the direct result of many volunteers who committed their time, effort and resources to make the association a success, none more so than our ladies auxiliary,” said Bill Preston, second vice-president of the association.