The Town of Princeton has entered into a five year agreement with the Vermilion Fork Metis Association (VMFA) to lease the former Princeton Chamber of Commerce building on Highway 3.
At a recent meeting council agreed to the terms of the lease, which includes a five year extension option.
The VMFA will pay the town $825 per year for use of the property.
Earlier this summer the town and the Regional District of Okanagan Similkameen partnered to buy the building from the chamber, for $300,000.
It was necessary for the municipality to internally borrow $150,000 from a reserve fund.
The annual rent is equal to the interest that must be paid to the reserve.
In a July interview, Ed Vermette, one of the founders of the association, said the goal is to create a cultural centre “that would be a model for other communities in B.C.”
The VFMA, established in 2018, has more than 100 members.
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