The province has approved funding the Golden Manor redevelopment project, says Timmins Mayor George Pirie.
At the start of tonight's council meeting, Pirie said that late this afternoon the city received a letter from Minister of Long-Term Care Paul Callandra. There was applause from those in council chambers after Pirie announced that funding has been approved for 15 new longterm care beds as well as redeveloping the 177 existing beds.
“This is great news for the City of Timmins. Operated by the municipality, the Golden Manor has a long and storied history dating back to 1955 when Timmins recognized the need within the community to provide a healthy, caring home for our seniors to reside,” said Pirie.
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.
Construction on the project has been projected to start in April 2022 and be completed by April 2024. The date for resident move-in is May 2024. The overall project deadline is December 2024.
The city is borrowing money for the estimated $80.5-million project. Repayment from the ministry is through fixed payments, deputy treasurer Greg Paquette said at the Feb. 8 council meeting.
Due to the size of the redevelopment project, the city cannot finance it internally. The construction loan would have floating interest rates during the construction phase then be replaced with a fixed-term, 25-year debenture.
A loan application has been submitted to Infrastructure Ontario, an organization that supports the renewal of public infrastructure through affordable long-term loans. Staff is also looking into financing options through chartered banks.
