Ontario is committing $41.1 million for the redevelopment of the Golden Manor in Timmins.
Earlier this week, Mayor George Pirie announced that the Ministry of Long-Term Care had confirmed funding for the city-run facility.
In a Feb. 24 news release, the Ministry provided further details on the funding. There's $36 million over 25 years for the construction of the new 192-bed facility and $5.1 million in one-time funding when the new building is substantially complete. This cash is in addition to the annual funding the province provides for staffing and operations.
"Our government has a plan to fix long-term care and a key part of that plan is building modern, safe, and comfortable homes for our seniors," said Minister of Long-Term Care Paul Calandra in the news release.
"When this new building for Golden Manor in Timmins is completed, 192 residents will have a new place to call home, near their family and friends."
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 is expected to start this year 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.
