The municipality borrowed $30 million more, locking in lower rates, "to save taxpayers" money
The District of Muskoka has approved borrowing another $30 million to help fund the new Fairvern Long-Term Care Home in Huntsville.
Council held a special meeting Monday to lock in lower interest rates, with District Chair Jeff Lehman saying the move could save taxpayers hundreds of thousands of dollars. The borrowing is the second phase of the District's financing plan for the nearly $135 million redevelopment project.
District staff say the municipality remains well within its borrowing limits, and most of the long-term debt costs will be offset through provincial funding. One councillor voted against the plan, citing concerns over the District's growing debt load.
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