The Ontario government is providing the City of Peterborough with a $22-million loan to support infrastructure projects.
On Wednesday, Peterborough-Kawartha MPP Dave Smith said the city will receive the long-term financing through the Infrastructure Ontario Loan Program, which supports municipalities and eligible public-sector partners.
The city is one of four eligible organizations to receive the financing on Wednesday. The city’s $22,491,200 loan will support projects including waterworks, energy-efficient streetlights, roads, trails, sidewalks, transit and renovations to arenas and city buildings.
“Today’s announcement is a major investment in rebuilding our infrastructure and supporting long-term economic recovery in Peterborough-Kawartha,” stated Smith. “This $22-million injection into Peterborough’s critical infrastructure will create jobs and attract investment while revitalizing our roads, bridges, and water systems.”
Mayor Dianne Therrien says the funding comes at a key time for the city. On Monday, city staff presented a report outlining an estimated $14 million in lost revenue in 2020 due to the coronavirus pandemic. Another $2.1 million is expected for the first quarter of 2021.
“I would like to thank the MPP Smith and the Province for providing the City of Peterborough with this loan that will help move critical projects forward,” she said.
Since 2003, the program has provided $11 billion in loans to more than 3,100 community infrastructure projects in Ontario. Loans can be used to finance a range of capital expenditures including construction and expansions, energy-efficiency projects and equipment purchases.