The Rossland Seniors Housing Society is pleased with a compromise deal with the city regarding their long outstanding debt.
They’ll increase rents for their 24 residents at Esling Park Lodge by 2.2% for the next five years so at least some interest can be paid back.
The society’s Bill Profili says an initial demand by the city for immediate interest and principal repayments would have hurt the seniors.
A $270,000 interest-free loan from the city has been outstanding for 14 years.
The seniors society recently missed a deadline to start paying that back but is confident they’ll start paying off the principal in five years.