Nine member municipalities are no longer being levied for the Cassellholme redevelopment project.
A motion to withdraw the November levy letters was passed at a special meeting of the long-term care home’s Board of Management on Thursday.
Chair Chris Mayne says all nine municipalities have signed on to finance the project through Infrastructure Ontario (IO).
“That information was actually shared with Infrastructure Ontario before Christmas so they’ve been working on the financing documents already for about the past three weeks. We look forward to it all falling into place and actually getting physical construction started as soon as we can,” he says.
Mayne points out they’re planning for an official launch in mid-January, with protocols in place and a smaller crowd to align with current COVID-19 restrictions.
He says the city has offered bridge financing until the IO funding comes in, but they may not have to use it.
“If the IO financing is in place we’ll use that, but if there are costs or bills that we have to pay immediately then the city has been very supportive in lending us up to about $4 million in bridge financing, if needed, toward bridge financing to get everything moving forward,” Mayne says.
In December, the City of North Bay detailed their initial levy payment of $26 million was going to be due on January 10th.
That’s no longer the case with the levy notices being officially withdrawn by the Cassellholme board.
