With rising construction costs, the Ministry of Long-Term Care is opening its pocketbooks to help.
The province has announced a new subsidy to help cover the cost of developing or redeveloping a long-term care home. The City of Timmins says the cash is an advocacy win for the ongoing work to redevelop the Golden Manor.
“Our provincial partners have listened to our concerns about the dramatic increases in the cost of construction,” said Mayor Michelle Boileau in a news release. “They have recognized that our community needs additional support to realize the vision of a modern and safe long-term care facility.”
For the new funding, eligible projects that start construction by Aug. 31, 2023, will receive up to $35 per bed, per day for 25 years. Work on the Golden Manor is expected to start in the spring of 2023.
“Construction costs and long-term borrowing interest rates have escalated over the past few years. These financial barriers mean many long-term care projects have stalled before reaching the construction phase,” said Paul Calandra, Minister of Long-Term Care, in the provincial announcement.
“Increasing the construction funding subsidy will help move the construction of much-needed long-term care homes forward, resulting in the start of construction for thousands of new long-term care beds across the province by the end of next summer.”
Earlier this year, Ontario committed $41.1 million for the redevelopment of the Golden Manor, which is municipally run.
RELATED: Province commits $41.1 million for Golden Manor redevelopment
Work to redevelop the Golden Manor has been ongoing for years.
The new three-storey facility will be on the empty land in the northwest corner of the current location on Melrose Boulevard.
The design includes three distinct wings and core services in the centre. The residential space is broken down into six resident home areas with two separate small homes.
The city is borrowing money for the estimated $80.5-million project. The new costing with additional construction costs hasn't been done yet. Repayment from the ministry is through fixed payments
