MAPLETON – The Canadian Infrastructure Bank (CIB) has committed to a $20-million debt financing package to help pay for Mapleton Township’s water and wastewater infrastructure project.
Announced by the municipality on July 15, the loan would help companies currently bidding on the project, as the township will be extending the CIB financing option to all RFP applicants.
If the successful RFP applicant made use of the debt financing package, it would pay two per cent interest for the first five years and 3% afterwards over a 20-year period, explained Mayor Gregg Davidson.
“The approach we are using will ensure Mapleton’s water and wastewater needs will be met safely, efficiently and affordably,” said Davidson in a press release.
The project, which includes a new water tower, upgrading an existing water pumping station, a wastewater treatment project, and a gravity sanitary collection system, is expected to cost between $15 million and $30 million.
“This is an exciting partnership between the Township of Mapleton and Canada Infrastructure Bank,” said CIB president and CEO Pierre Lavallée.
“CIB is a new model of federal support for projects including green infrastructure. Our innovative financing approach will help Mapleton invest in new, expanded and sustainable public water and wastewater facilities.”
The CIB is a federal crown corporation with a mandate to invest $35 billion in new infrastructure projects.
Competitive procurement process
“We are proceeding with a competitive procurement process and are very pleased to have the Canada Infrastructure Bank involved to provide an innovative financing option,” said Davidson.
“We hope that our approach to improve our infrastructure will create best practices for other municipalities to modernize their water and wastewater systems.”
In May the township released a list of companies to which the municipality has sent RFPs, including:
– Helios Group, made up of Industrial Alliance Insurance and Financial Services Inc., Pomerleau, Helios Group, J.L. Richards and Associates Limited, GSS Engineering Consultants Ltd.;
– Maple Reinders W/WW Utility, made up of Wood Canada Limited, Maple Reinders Constructors Ltd., ASI Water (a division of ASI Group Ltd.) and Stonebridge Financial Corporation;
– Maple Water Resource Partners, comprised of EPCOR Water, AECON Group Inc., Ontario Clean Water Agency and Stantec;
– Ontario Utility Consortium, comprised of Veolia Water Canada, Graham, CIMA, Alectra Inc. and Enbridge;
– Peterborough Group, comprised of PUG (Peterborough) Services Corp., Peterborough Utilities Inc. and Peterborough Utilities Group; and
– PUC Sault St. Marie Group, made up of Axium Infrastructure Canada, PUC Services Inc. (Sault Ste. Marie) and Ontario Energy Holdings LLC.