FINANCIAL_SERVICESRECOMMENDED

Town of Hearst Finance Committee Agenda April 28 2026

Hearst to finalize optometrist incentive agreement

Grant of $16,000 and interest-free loan of $11,000 (total $27,000)Town of HearstVAFI, MANSOURApril 28, 2026

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Description

The Town of Hearst plans to formalize a financial incentive agreement with optometrist Dr. Mansour Vafi, providing a $16,000 grant and an $11,000 interest-free loan tied to a five-year service commitment starting October 16, 2023. The contract sets out repayment and interest conditions if the practice ceases early or the loan is not fully repaid within the term.

Contract Details

Contract Amount

Grant of $16,000 and interest-free loan of $11,000 (total $27,000)

Vendor

VAFI, MANSOUR

Agency

Town of Hearst, Canada

Contract Type

FINANCIAL_SERVICES

Document Date

April 28, 2026

Contract Term

Five-year commitment period commencing October 16, 2023

Renewal Date

2028-10-16

Renewal Info

Five-year term from October 16, 2023; no automatic renewal. If the optometrist leaves early or the loan remains unpaid after five years, repayment and interest provisions apply.