The Peterborough Naval Association announced on Wednesday (June 10) that it is dissolving after 73 years.
The association plans to create a trust fund with the proceeds from selling its property, which will be used to support veterans, veterans’ families, veterans’ organizations, educational bursaries, and other causes.
Comprised of former members of the navy, the Peterborough Naval Association was founded in 1947.
Soon after, the association acquired its seven-acre property on the point formed where Meade Creek flows into the Otonabee River and was incorporated in 1953.
The association built a clubhouse and a small drawbridge to connect the property with the end of Whitlaw Street at Lansdowne Street. In the 1980s, the association also built Admiralty Hall, providing rental space for banquets, receptions, and more.
According to the association’s interim president Dan Ayotte, 77 per cent of members supported the decision to dissolve and set up a trust fund.
“Faced with declining revenues and increasing costs, our members voted to dissolve the association and sell the property at this time to create a legacy fund that will continue to support veterans and their families into the future,” Ayotte says.
As well as declining revenues, the association was faced with rising maintenance and operating costs for its property.
In 2013, the City of Peterborough agreed to buy the the organization’s property. The agreement included a grant for a new pedestrian bridge on the property, as well as advances on the purchase price to assist the association with its operating costs.
“However, our revenue shortfalls and escalating expenditures continued,” Ayotte says. “We put a number of options to our members, including continuing on with the association in different forms. The members decided to create a legacy fund.”
Now that it has decided to dissolve, the association will ask the city to move up the closing date for the property purchase.
The association will be transferring its property to the city to become public land, located next to Beavermead Park with a future extension of the trail network around Little Lake.
“Even as the association plans for its dissolution, the members are focused on helping veterans and contributing to the broader community,” Peterborough Mayor Diane Therrien says.
“With those values, I know the Naval Association will continue to be a presence in our community, regardless of whether it’s an incorporated organization or an informal, close knit association of veterans and community-minded individuals.”
