Ontario Construction News staff writer
The provincial government announced last week that Infrastructure Ontario (IO) has entered into new commitments to provide financing through its Loan Program to four eligible organizations.
The eligible organizations are:
- City of Belleville for road reconstruction projects, LED streetlights, and a fire truck – $19,697,000 loan
- Township of Casey for new plow truck – $74,426 loan
- Town of Prescott for new plow truck – $274,400 loan
- County of Prince Edward for hospital construction costs, LED streetlights, six tandem trucks – $4,748,092 loan
The 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
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 more than 3,100 community infrastructure projects across the province.