Financial Details:

The project was approved by Council in the 2024 Budget, conditional on receiving the Construction Funding Subsidy (CFS) and the Top-Up Funding, which eased the municipality’s financial pressure and made the project financially feasible.

The municipality will receive a per diem amount totaling $56.53 per bed for 25 years, or $82.6 million. This figure combines the original $21.53 ($20.78 + $0.75 extra for a medium-sized rural home) plus the $35 top-up per diem.

The municipality will take the provincial option to convert $15 per bed (or $12.9 million) of the CFS funding to an upfront CFS Construction Grant to assist with upfront costs. This option reduces the overall amount required to debenture, making the total funding from the province needed over 25 years to $60.6 million.

These provincial grant revenues are estimates calculated as of 2024, pending a review of the Approval to Construct package.

The County will also be able to allocate approximately $2.3 million from Development Charges (DCs) as per the Development Charge By-Law 40-2023 for services related to Long-Term Care to support the long-term debt repayment and mitigate the impact on the tax levy.

A fundraising goal of up to $1 million has been set and will provide an opportunity for naming rights of the new long-term care home. Other fundraising targets are landscaping, equipment, program spaces, activity or treatment rooms, and equipment. Staff have begun preparing a fundraising campaign and, working with the Family Council, will determine a launch date in 2025.

The municipality was successful in its loan application with Infrastructure Ontario and, on October 24, 2024, obtained credit approval for the loan request of $80,432,765.27 for the redevelopment project.