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.