August 20, 2003

York Region awarded $100 million in low-interest loans


NEWMARKET The Government of Ontario announced yesterday that the Regional Municipality of York has been awarded $100 million in low-interest loans through the Ontario Municipal Economic Infrastructure Financing Authority (OMEIFA).

The OMEIFA funds are aimed at improving clean water infrastructure, sewage treatment facilities, municipal roads and bridges, public transit and waste management infrastructure in Ontario municipalities.

"At half the normal rate of interest that debentures provide, this loan represents a savings of up to $25 million over the next 20 years," said Regional Chair and CEO Bill Fisch. "This is money that we can reinvest into future capital works projects for our community as we continue to welcome new residents and businesses across the Region."

York Region was one of 88 municipalities across Ontario that benefited from the $1 billion program. The province will distribute $320 million this fiscal year, with York Region slated to receive one third of its money each year for the next three years.

The $100 million will be divided into two parts: $50 million for the York Region Rapid Transit Plan's (YRTP) Quick Start program and $50 million to finance water and sewer projects.

The Region applied for $755 million dollars from the province for eligible projects listed in its 10-Year Capital Plan, including $700 million for water and sewer project financing. With this announcement, staff from the Region and the Province will work together to identify the most immediate projects.

York Region will be eligible to re-apply for additional loans in the next three-year funding period.

For more information on The Regional Municipality of York, the services we offer and links to our nine area municipalities, please visit our Web site at: www.region.york.on.ca

Contact: Michael Kemp, Corporate Communications, York Region

- (905) 830-4444 or 1-877-464-9675, ext. 1232

- Email: michael.kemp@region.york.on.ca


The Regional Municipality of York is committed to providing cost-effective, quality services that respond to the needs of our rapidly growing communities.  York Region is comprised of the following nine area municipalities:  Aurora, East Gwillimbury, Georgina, King, Markham, Newmarket, Richmond Hill, Vaughan and Whitchurch-Stouffville.  For more information, visit our Web site at:  www.region.york.on.ca

Contact: Patrick Casey, Senior Media Relations Specialist, York Region

 
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