While Queens Park is reimbursing the $80 million needed to reconstruct the Golden Manor Home for the Aged into a modern facility, the City of Timmins first needs to pay it upfront.
That's why Timmins city council is searching for municipal lenders, with the goal of starting construction in the spring.
"We don't have the cash on-hand to finance a project of this magnitude and we can't just hike taxes astronomically for one project," said the city's deputy finance director, Greg Paquette.
"The loan is the way to address this type of financing."
The actual cost to the city is unknown at this point, said city councillor and Golden Manor board chair Joe Campbell.
The city has reserve funds to cover early construction costs until it acquires the loan. Any expenses after the facility's doors open are the city's responsibility.
Campbell said it's worth it for a state-of-the-art facility, innovative housing model and the city's plans for the complex that will house the new home and where its predecessor sits.
"After the opening of the new facility, we're looking at a campus of care," Campbell said.
"A campus of care means that you go from independent living, to assisted living, to long-term care. So the opportunities for us to go forward with that were huge, to take advantage of the offer from the ministry (of health)."
