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City gets loan for completed brownfield project

from Brantford Expositor

Brantford is in the midst of finalizing a loan of more than $4.6 million to pay for work already done on the Sydenham Pearl Brownfield Remediation project. Councillors voted Tuesday night to approve a debenture from the Ontario Infrastructure and Lands Corporation with a 20-year interest rate of 3.4 per cent. The agreement will mean the city repays the loan at a rate of $322,878 a year. The debenture was approved, along with the project, in 2012 and the remediation at the site is complete, but the money has to be returned to the city's capital project fund, which has been fronting the money. more

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