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
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
Northern Ont. lawyer who abandoned clients in child protection cases disbarred
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Maple Leafs fall to Bruins in Game 3, trail series 2-1
Brad Marchand scored twice, including the winner in the third period, and added an assist as the Boston Bruins downed the Toronto Maple Leafs 4-2 to take a 2-1 lead in their first-round playoff series Wednesday
Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
New Indigenous loan guarantee program a 'really big deal,' Freeland says at Toronto conference
Canada's Deputy Prime Minister Chrystia Freeland was among the 1,700 delegates attending the two-day First Nations Major Projects Coalition (FNMPC) conference that concluded Tuesday in Toronto.
'Life was not fair to him': Daughter of N.B. man exonerated of murder remembers him as a kind soul
The daughter of a New Brunswick man recently exonerated from murder, is remembering her father as somebody who, despite a wrongful conviction, never became bitter or angry.