The agreement between Trio and the City of Penticton has conditions precedent that require Trio to submit to the City a detailed financing plan and details of approved financing by Oct. 1, 2015. This plan and the financing requirement would enable Trio to spend a minimum of $1,830,000 on capital improvements for the marina, restaurant, retail area and extended parking lot and pay for the first two years of its operating expenses.
In addition a lease between the City, Trio and the Province of B.C. must be executed by Oct. 1, 2015 on the leased marina lands. We would hope that the City will disclose the status of these conditions to its residents at the next council meeting following this deadline.