It appears the Infrastructure Ontario financing option for the Cassellholme redevelopment project is the only one left on the table.
Council heard Tuesday night that an alternate financing option that was being sought is no longer available.
Councillor Mark King was speaking to a motion to lobby the province to pay for their share of the $122-million project upfront.
“Councillor Vrebosch has talked about the Caisse Populaire and we know that that’s now not an option. There are options with respect to the province, to say pay this money upfront, which is what you’re saying at this particular point,” he says.
Deputy Mayor Tanya Vrebosch penned the motion to endorse a resolution recently passed by area mayors and to lobby the province to fund their share.
On top of reiterating everyone supports the redevelopment, she again stated it’s about figuring out how to pay for it.
“The provincial share is what’s going to devastate municipal budgets,” she says, noting it’s actually called a grant by the province.
“The money that is given from the province is not guaranteed, they can change it, they can remove it, they can do anything they want because it’s considered a grant. This is part of what the province needs to change, is how they do it, and give a commitment to long-term care,” Vrebosch says.
Councillor Chris Mayne, who is also the Chair of the Cassellholme Board, says the board unanimously supported the same motion.
The central issue in all of this is the requirement with the Infrastructure Ontario financing option that municipalities guarantee the provincial share.
Mayne also told Council that detailed discussions were held with Infrastructure Ontario on Monday.
“Their position remains unchanged, it’s a municipal responsibility, these are standard contracts they issue across the province, they have adjusted some very minor wording, but that draft document has gone out to all of the municipalities,” he says.
Mayne says the documents basically need to be signed by everyone in the next two weeks.
