IO provides $58M in loans to nine communities
Infrastructure Ontario (IO) announced on September 24 that it has entered into loan agreements with nine communities to fund $58 million in infrastructure projects.
Those communities and projects receiving the funding are:
- Corporation of the City of Sault Ste. Marie for a twin pad arena project – $14,500,000 loan
- City of Pembroke for forcemain twinning – $4,130,500 loan
- Township of Russell for a land purchase – $7,700,000 loan
- Municipality of North Middlesex for a water tower installation – $8,000,000 loan
- Corporation of the Township of Strong for a plow truck and backhoe – $400,000 loan
- Corporation of the Municipality of Powassan for a fire hall, road repair, recreational and cemetery projects – $1,484,290 loan
- Corporation of the Town of Atikokan for sewage projects – $2,000,000 loan
- Corporation of the Town of Bradford West Gwillimbury for a highway interchange – $10,106,000 loan
- York Region for three projects in the Town of Georgina including a fire hall, pump upgrade, and bridge project – $10,572,000 loan
IO’s Loan Program is an alternative financing approach that provides low-cost, long-term loans to renew and build public infrastructure. The loans can be used to finance a broad range of capital expenditures, including construction and expansions, energy-efficiency projects, and equipment purchases.
With more than 440 clients, including municipalities and non-profits, the program has helped finance various types of infrastructure projects such as the construction of roads, bridges, arena complexes and long-term care homes, and the acquisition and installation of capital assets like fire trucks and energy-efficient lighting.
Since 2003, IO and the province have approved more than $11 billion in loans in support of more than 3,200 community infrastructure projects across the province.
Featured image: Artist’s rendering of a proposed twin-pad arena in Sault Ste. Marie. (City of Sault Ste. Marie)