TORONTO: The Ontario government continues to support municipalities and other community partners through Infrastructure Ontario’s (IO) Loan Program by providing affordable, long-term financing for infrastructure development and renewal.
Ontario announced that IO has entered into new commitments to provide over $58 million in financing through its Loan Program with nine eligible communities:
• 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 Town of Atikokan for sewage projects – $2,000,000 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 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
• Corporation of the City of Sault Ste. Marie for a twin pad arena project – $14,500,000 loan With more than 440 clients, including municipalities and non-profits, the Loan 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. Supporting modern and efficient public infrastructure is critical for building a strong economy, prosperous communities and creating jobs. The provincial government is committed to protecting people’s health and the economy by investing in infrastructure that improves the quality of life for all Ontarians.
• IO’s Loan Program is an alternative financing approach that provides affordable, long-term loans to renew and build public infrastructure.
• Since 2003, more than $11 billion in loans have been approved in support of more than 3,200 community infrastructure projects across the province.
• Loans can be used to finance a broad range of capital expenditures, including construction and expansions, energy-efficiency projects, and equipment purchases.
• IO leverages the strength of the Province’s strong credit rating and passes savings along to its borrowers with no additional fees.
• Municipalities, corporations, and housing providers make up almost 90 per cent of the loan volume (by value).