“The United Counties of Prescott-Russell is in a very good position to repay the loan,” said Valérie Parisien, finance director, during the May 27 teleconference session for the regional council.
Parisien presented the United Counties of Prescott-Russell council (UCPR) with the four-page summary report, along with supporting appendices, on the financing proposal for the new Prescott-Russell Residence in Hawkesbury. Total cost for the project is estimated at $80,822,051.
The UCPR has committed to financing $11,862,975 through its own annual budgeting process and has also received a $250,000 planning grant for the project from the Ministry of Long-Term Care.
The remainder of the project cost, including a contingency fund, totalling $70 million could be covered through an Infrastructure Ontario loan (IO). The IO program provides municipalities with major infrastructure development projects with loans at interest rates and/or repayment terms which may cost less than those of traditional financial institutions.
UCPR council gave unanimous approval for administration to file loan application with Infrastructure Ontario.
