YORKTON - Yorkton Council gave final approval at its regular meeting last week for the city to borrow $11,365,777 to finance the York Road Reconstruction Project.
Ashley Stradeski, Director of Finance with the city noted previously council had awarded the debt for the York Road Reconstruction Project to TD Bank.
The bylaw approved unanimously is required by both the city as set out in The Cities Act and by TD bank in order to complete financing, noted Stradeski.
The project includes the full reconstruction of much of York Road, including some aspects of utilities, drainage and flood mitigation, storm sewer and more.
At a council meeting in April 2023, the tender for this project was awarded for $15,615,561.75 plus applicable taxes, with a project total of roughly $25,500,000 including tax, contingency, engineering fees, and more.
To-date some $15 million has been invested from the city’s 2022, 2023 and 2024 capital budgets, the water drainage budget and $4.3 million from the province through its Urban Highway Program, leaving approximately $10 million yet to fund.
The loan amount will be paid over roughly five years.
