Council for the Municipality of Meaford has approved a pre-development agreement with TC Energy to continue exploring the proposed pumped storage project.
The agreement, worth up to $4.5 million, will be in place for three to four years, bringing it in line with the Impact Assessment Agency of Canada (IAAC) review process. The controversial pumped storage remains subject to regulatory review and approval processes.
"Council’s direction to move forward with this Pre-Development Agreement is exciting for both the Municipality and the broader community," said Mayor Ross Kentner in a release. "This agreement provides access to funding that would not otherwise be available to support local initiatives, build municipal capacity and invest in our community while the project continues through the federal review process."
The agreement includes three funding streams by TC Energy: a Community Support Payment of $1 million annually for three years; scholarships of $25,000 annually for three years; and a Community Investment Fund matching up to $80,000 annually for three years. There is also Municipal Capacity Funding up to $250,000 annually through provincial pre-development funding.
Kenter noted that the deal is not a Community Benefit Agreement, which is a condition that must be met for the Municipality to be a willing host.
The council vote to approve the pre-development agreement passed 5-2, with Councillors Brandon Forder and Harley Greenfield voting against.
Several community members spoke against the proposed 1,000 megawatt pumped storage project prior to the council meeting, citing environmental and economic concerns.
