A new agreement between Langford and the YW/YMCA will ensure money generated by the Langford Aquatic Centre will remain in the city for future investment.
A portion of the annual profit will be held by the city in a new ‘aquatic centre reserve fund’, to be used for expenses related to the facility. According to a report presented to council June 29, the agreement states that if the aquatic centre generates a profit, 50 per cent of the first $100,000 and 75 per cent of the remainder will be paid to the city.
“Any remaining profit retained by the YMCA must be used for future programming, services, and operation of the aquatic centre,” reads the report. “This structure supports both the long-term sustainability of the facility and the city’s objective of ensuring taxpayer dollars remain in the community.”