The funding will support the Nova Scotia International Ferry Partnership, which is working towards reestablishing ferry service from Yarmouth to New England.
In the motion that was approved on Nov. 28, council specified that Transport Canada be included in discussions on the ferry terminal redevelopment and divestiture process.
The funding agreement is contingent upon receipt of a budget outline of major costs of the initiative. The final disbursements will not be executed until the final report is presented to the satisfaction of the YAIC board.
The funding was also contingent upon the participation of the Town of Yarmouth and Municipality of Argyle. The former approved $50,000 the morning of Nov. 29, the latter held a committee of the whole meeting and made a motion to recommend to council that a similar amount be contributed.
Acquistion of the Yarmouth ferry terminal from the federal government is a major stepping stone towards the reestablishment of ferry service.
A September 2010 assessment by the federal government of the terminal facilities concluded that repairs would cost almost $13 million over a five-year period.