Province to guarantee loan for $122M Cassellholme redevelopment
It’s still a $122 million project to redevelop Cassellholme For the Aged, a long-term care home in North Bay.
The Ontario government is spending up to $65 million, and will also guarantee the loan, taking some financial strain off the other municipalities.
“Our government heard loud and clear from the municipalities and we listened to their concerns regarding the impacts if they needed to guarantee the loan,” said Nipissing MPP Vic Fedeli.
“This should make financing much easier for the municipalities as they no longer have to carry the provincial share on their books, which impacts their ability to borrow, their credit ratings, all of their concerns they had with it, this is a real game-changer,” said North Bay city councillor Chris Mayne, who also sits on the Cassellholme board.
As for next steps, Mayne told CTV News the project is still waiting for final approval from the province.
“We have submitted our application to them,” he said.
“So I’m sure over the next week there will be follow-up discussions with the municipalities to see if this is enabling some to move forward.”
The project is expected to take four years to complete and will see the long-term care home grow from 240 beds to 264.
CTVNews.ca Top Stories
McGill University seeks emergency injunction to dismantle pro-Palestinian encampment
McGill University has filed a request for an injunction to have the pro-Palestinian encampment removed from its campus.
'State or state-sponsored actor' believed to be behind B.C. government hacks
The head of British Columbia’s civil service has revealed that a “state or state-sponsored actor” is behind multiple cyber-security incidents against provincial government networks.
Spectacular aurora light show to be seen across Canada Friday night
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
U.S. says Israel's use of U.S. arms likely violated international law, but evidence is incomplete
The Biden administration said Israel's use of U.S.-provided weapons in Gaza likely violated international humanitarian law but wartime conditions prevented U.S. officials from determining that for certain in specific airstrikes.
Barron Trump declines to serve as an RNC delegate
Former U.S. President Donald Trump's youngest son, Barron Trump, has declined to serve as a delegate at this summer’s Republican National Convention, according to a senior Trump campaign adviser and a statement from Melania Trump's office.
Mother assaulted by stranger while breastfeeding baby in her car: Vancouver police
A person was arrested in East Vancouver Thursday after allegedly entering a car while a mother was breastfeeding her four-month-old boy.
'We have laws': Premier Smith says police action justified in Calgary
The actions, including the decision to use non-lethal force, to disperse pro-Palestinian protesters from the University of Calgary campus were justified, Alberta Premier Danielle Smith said Friday.