At its Annual General Meeting in February, PEFAC’s board announced over $1 million in pledges toward the purchase of its building from the Lester family.

Originally built as a Laidlaw bus terminal, the facility was renovated in the 1980s to become the RecPlex. In October, the owners announced the property would be placed on the market for $4.6 million as part of an estate settlement. 

PEFAC has the right of first refusal should an offer come in.

In the meantime, PEFAC has partnered with Tapestry Community Capital to support the structuring of an upcoming Community Bonds offering. 

One of Canada’s leading social finance tools, community bonds are used by charities, non-profits and co-operatives to finance social and environmental projects. Similar in many ways to a traditional bond, they are an interest-bearing loan from an investor with a set rate of return and a fixed term. More details on this project will be available in the next four-to-six weeks.

The non-profit has also applied for charitable status through the Canada Revenue Agency. And the municipality has granted a “Project of Community Interest” designation, allowing donors to receive tax receipts. According to spokesperson Sue Mathieau, these donations can be used for immediate operations or set aside for the building purchase.

During the AGM, PEFAC Board Chair Monica Alyea thanked the membership for their tireless advocacy. She said the Board remains committed to purchasing and operating the property as they have done for the last two decades.

“Property ownership secures the fitness and health promotion services desperately needed in Prince Edward County,” stated Ms.  Alyea.

For those interested in contributing, donation and pledge forms are available at the PEFAC front desk. More information can also be found at the PEFAC website.