The member municipalities of Cassellholme have some limited time to go after provincial support around financing the long-term care home redevelopment.
Chris Mayne, Cassellholme Board Chair, says they discussed a request from the City of North Bay for more time at Thursday night’s meeting.
“There was a motion on the table to proceed to levy with a deadline of July 15th, but for the time being that motion has been pulled and we are going to allow the city and the municipalities some time to address their concerns with the ministry and the province,” he says.
However, Mayne says there are hard deadlines coming up with Infrastructure Ontario.
“That continues to be the best available source of financing that we’ve been able to identify after almost a year of looking at financing options,” he adds. “We’re prepared to work with the city and the municipalities to some degree but within the next few weeks there has to be a decision to move forward with whatever the best option to move forward on financing is, in hand, at that point.”
Mayne also says mid-July is not the time to be negotiating with municipalities either.
“We have to have an agreement in hand,” he says, pointing out they wish the municipalities success.
Mayne also says costs for the project are increasing by the month.
“We have been discussing these prices since March, everyone has had it since March 16th, and everytime we miss a deadline there are increased costs. The board is determined, committed, to being before Infrastructure Ontario before August 28th,” he says.
At their meeting on Wednesday, the Cassellholme member municipalities passed a resolution to request the province pay its share of the redevelopment costs upfront. The motion also stated, “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.”
The City of North Bay is also exploring another financing option through another financial institution.
