Ontario writes off $1.7 million downtown revitalization loan

NEWS RELEASE

DAVID ORAZIETTI, MPP

************************ Orazietti announces support for Sault Ste. Marie downtown revitalization

Province forgives $1.7 million loan for downtown revitalization

Sault Ste. Marie - The Ontario government is supporting community and economic renewal in Sault Ste. Marie by releasing the City of its obligation to repay the outstanding Ontario Downtown Revitalization Program (ODRP) loan, David Orazietti, MPP announced today.

"The provincial government recognizes the challenges faced by municipalities and has taken a comprehensive approach to a favourable solution which would end Sault Ste. Marie's financial obligation to repay the ODRP loan," said Orazietti. "The downtown core is the heart and soul of the community and now the municipality can more easily move forward in pursuing new initiatives."

The Ontario government is changing the terms of the ODRP so that no further amounts will be payable to the province under the program, and therefore, the City of Sault Ste. Marie will no longer have to repay the remaining $1.7 million dollars.

A $2.2 million dollar Downtown Revitalization Loan was provided to Sault Ste. Marie from the Ontario government over 20 years ago to help develop and revitalize the downtown area.

The City made annual payments of approximately $20,000 reducing the loan to $1.7 million which has now been eliminated.

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