The majority of mayors of the Cassellholme member municipalities are looking to the province to work with them on the long-term care home redevelopment.
It all has to do with the Infrastructure Ontario financing requirement that municipalities guarantee the full cost of the project and not just their own.
At Wednesday’s meeting, with two mayors absent, the other seven passed a two-part resolution, which was read by Jason Trottier, CAO of East Ferris.
“That the province pays its share of the redevelopment costs upfront. Be it further resolved that should the province not agree to pay its share upfront that the province agrees to provide a guarantee for its share of the project costs and the province assume the interest costs on its payment over the next 25 years,” he said.
During the meeting, the vast majority of mayors voiced their displeasure with having to guarantee the provincial portion of the financing.
Also discussed was another financing option that is being investigated.
North Bay CAO David Euler says the financial institution has moved the package of information to their head office for review.
“I think it’s only reasonable to allow them two or three weeks to analyze the package. Locally, I can tell you that they were very interested in seeing all of the details. We think it’s really worthwhile to take the time to make sure we explore all of the options that are available to us to find the best financing package for all of us,” he says.
Last week North Bay Council passed a motion asking the Cassellholme board for more time to explore options.
The municipal leaders heard that the Cassellholme board is meeting on that request Thursday night.
