Ontario Construction News staff writer
Infrastructure Ontario (IO) has entered into new commitments with four eligible organizations to provide financing through its loan program for eligible organizations.
The organizations are:
- Township of Admaston Bromley for landfill expansion, snow plow, snow blower, equipment shed, and road work projects – $250,000 loan
- County of Elgin for road reconstruction project – $6,000,000 loan
- City of Quinte West for new police station – $11,000,000 loan
- Township of Tarbutt and Tarbutt Additional, for purchase of sanding/plow unit – $254,250 loan
The IO loan program is one of Ontario’s financing approaches to help municipalities, and other public-sector partners renew Ontario’s public infrastructure. IO loans provide affordable, long-term financing in support of infrastructure development.
With more than 440 public-sector clients, the Loan Program has helped finance various types of infrastructure projects such as the construction of roads, bridges, arena complexes, and long-term care homes, and the acquisition and installation of capital assets like fire trucks and energy-efficient lighting.
Modern and efficient public infrastructure is key to building a strong economy, prosperous communities and a clean healthy environment.
IO’s Loan Program is an alternative financing approach that provides affordable, long-term loans to renew and build public infrastructure.
Since 2003, more than $11 billion in loans have been approved in support of over 3,100 community infrastructure projects across the province.
Loans can be used to finance a broad range of capital expenditures including construction and expansions, energy-efficiency projects, and equipment purchases.
IO leverages the strength of the Province’s strong credit rating and passes savings along to its borrowers with no additional fees. Municipalities, municipal corporations, and housing providers make up almost 90 per cent of the loan volume (by value).
