Eligible properties are those registered or designated under the provincial Heritage Places Protection Act or the municipal bylaws of Summerside or Charlottetown, and must be on, or be eligible to be placed on, the National Register of Historic Places. Financing will be provided for work which is necessary to preserve, conserve or restore the heritage elements of a structure and which comply with the Standards and Guidelines for the Conservation of Historic Places in Canada.

Community and Cultural Affairs Minister Elmer MacFadyen, who serves as a Trustee of the Jaynes Trust, said, “This change will help ensure that the heritage character of designated properties in our province is preserved and protected for future generations.”

Dr. Satadal Dasgupta, Chair of Museum and Heritage PEI, said the Board of Governors is very pleased with the changes. “It will support our mandate to preserve Island heritage and will help increase public understanding and appreciation of our province’s distinct cultural legacy.”

Loans will be administered by the PEI Lending Agency for amounts from $10,000 - $40,000.

BACKGROUNDER

The Robert and Mildred Jaynes Trust was established in 2000 under the Trustee Act, R.S.P.E.I. 1988, Cap. T-8.

Purpose:

The Trust provides financing to individuals or corporations to acquire, maintain and/or improve Prince Edward Island property of a historical, architectural, natural or cultural interest. Funds will be provided only when work is necessary to preserve, conserve or restore heritage elements of a structure. All work to be done must respect the character-defining elements as identified in the heritage character statements of the provincial or municipal designation and must comply with the Standards and Guidelines for the Conservation of Historic Places in Canada.

Eligible Property:

To be eligible property must contain structure(s) registered or designated under the provincial Heritage Places Protection Act or the municipal heritage bylaws of Summerside or Charlottetown and must either be on, or be eligible to be placed on, the National Register of Historic Places.

Assistance:

Financing is provided in the form of a loan secured by a first or second mortgage. The term will be set at the time of approval but will not exceed 10 years. The available loan amount will be a minimum of $10,000 and will not exceed a maximum of $40,000.

Cost:

The interest rate will be fixed at the time of approval. All costs including legal fees, survey fees, registration fees and administration fees will be borne by the applicant. An application fee will be applicable.

Restrictive Covenants:

All recipients of The Trust financing must agree to covenants relating to the preservation of character-defining elements of the property. Such covenants shall be in addition to any restrictions imposed through application of heritage legislation or bylaws noted above. The covenants must be registered and run with the property.

Approval:

Expenditure and investment outlays are governed by majority decision of the Trustees on the advice of the Board of Governors of Museum and Heritage Prince Edward Island.

Administration:

The Trust is administered by Museum and Heritage Prince Edward Island with support from the PEI Lending Agency.

Contact:

Further information may be obtained by contacting Linda Berko, Museum and Heritage Prince Edward Island, 2 Kent Street, Charlottetown, PE C1A 1M6, Tel: 368-6600, Fax: 368-6608, Email: mhpei@gov.pe.ca