Town receives low-cost infrastructure loan for waterline

Times Reporter

 

MP Kevin Sorenson made an announcement on Sept. 9 that Strathmore has been approved for a low-cost infrastructure loan. Sorenson, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible, made the announcement for Canada Mortgage and Housing Corporation, CMHC. 

“Drinking water is an essential service that people depend upon and communities are faced with a constant struggle to keep up with growth and maintenance pressures within limited financial resources,” said Mayor Steve Grajczyk. 

The loan, which totals just over $4 million, is a low cost loan from CMHC’s Municipal Infrastructure Lending Program, MILP. Chief Administrative Officer for the town Dwight Stanford said the town is borrowing at five per cent below administration costs. Though the announcement took place on Sept. 9, the funds have already been used to upgrade the water supply system, including the construction of the water pipeline from Calgary.  

“We were pleased to receive funding through the Municipal Infrastructure Lending Program from Canada and Mortgage Housing Corporation for just over $4.1 million,” said Grajczyk. 

“With 13,000 residents and a forecast for continued growth, the new waterline will support the anticipated growth and Strathmore’s continued goal to be a truly sustainable community.”

“Our government understands the importance of infrastructure in maintaining strong and prosperous communities,” said Sorenson. 

“This program opened the door here in Strathmore and in municipalities across Canada to meet their housing-related infrastructure needs. Canada’s Economic Action Plan will continue to create jobs and stimulate the local economy here in Alberta, and in all corners of the country.”

Canada’s Economic Action Plan has provided $2 billion over two years in direct low-cost loans to municipalities. The loans were available to all municipalities in Canada, and were a way to provide a new source of funds to invest in housing-related infrastructure projects. Project eligible for the low cost loans included infrastructure related to housing services, such as water, power generation and waste services. It also included transportation infrastructure, within and into residential areas, such as roads, sidewalks, lighting, fire halls and residential green spaces.