\u201cThe United Counties of Prescott-Russell is in a very good position to repay the loan,\u201d said Val\u00e9rie Parisien, finance director, during the May 27 teleconference session for the regional council.<\/p>\n
Parisien presented the United Counties of Prescott-Russell council (UCPR) with the four-page summary report, along with supporting appendices, on the financing proposal for the new Prescott-Russell Residence in Hawkesbury. Total cost for the project is estimated at $80,822,051.<\/p>\n
The UCPR has committed to financing $11,862,975 through its own annual budgeting process and has also received a $250,000 planning grant for the project from the Ministry of Long-Term Care.<\/p>\n
The remainder of the project cost, including a contingency fund, totalling $70 million could be covered through an Infrastructure Ontario loan (IO). The IO program provides municipalities with major infrastructure development projects with loans at interest rates and\/or repayment terms which may cost less than those of traditional financial institutions.<\/p>\n
UCPR council gave unanimous approval for administration to file loan application with Infrastructure Ontario.<\/p>\n","protected":false},"excerpt":{"rendered":"
A multimillion long-term loan from the province is needed to pay for construction of the new Prescott-Russell Residence long-term care and retirement facility.<\/p>\n","protected":false},"author":7,"featured_media":14160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[39],"tags":[],"class_list":["post-14159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affaires"],"acf":[],"featured_media_global":[],"yoast_head":"\n