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
Half of Canadians have negative opinion of latest Liberal budget: poll
A new poll suggests the Liberals have not won over voters with their latest budget, though there is broad support for their plan to build millions of homes.
opinion Why you should protect your investments by naming a trusted contact person
Appointing a trusted person to help with financial obligations can give you peace of mind. In his personal finance column for CTVNews.ca, Christopher Liew outlines the key benefits of naming a confidant to take over your financial responsibilities, if the need ever arises.
'One of the single most terrifying things ever': Canadian couple among tourists on sinking sailing boat tour abroad
A Toronto couple are speaking out about their “extremely dangerous” experience on board a sinking tour boat in the Dominican Republic last week.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
Ottawa injects another $36M into vaccine injury compensation fund
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
An Ontario senior thought he called Geek Squad for help with his printer. Instead, he got scammed out of $25,000
An Ontario senior’s attempt to get technical help online led him into a spoofing scam where he lost $25,000. Now, he’s sharing his story to warn others.
Accused of burglary at stepmother's home, U.S. senator says she wanted her father's ashes: charges
A Minnesota state senator and former broadcast meteorologist told police that she broke into her stepmother's home because her stepmother refused to give her items of sentimental value from her late father, including his ashes, according to burglary charges filed Tuesday.
Twins from Toronto were Canada's top two female finishers at this year's Boston Marathon
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.