Bancroft Council is asking for time to pay back $100,000 it owes Canadian Tire Corporation.
This comes after the national corporation has had its tax assessments lowered by the Municipal Property Assessment Corporation. Because the $100,000 is based on assessments dating back eight years, Councillor Bill Kilpatrick has put forward the motion to ask that the town be given the same amount of time to pay it back.
Kilpatrick says council is concerned it will be saddled with the $100,000 burden that would need to be paid back this year.
There is no guarantee the town will be given time to pay back the debt, but Kilpatrick says he is hopeful because Canadian Tire Corporation has allowed other communities to do so.