An 80-room $15.5 million affordable seniors’ complex in Rimbey has moved one step closer to completion.
Rimoka Housing Foundation board chairman Paul McLauchlin said partner municipalities including the Town of Rimbey, Ponoka County and the Town of Ponoka have endorsed the $3.5 million debt load required by the housing foundation to build the lodge.
“The debt servicing will only be needed midway to the end of the project,” said McLauchlin.
The remainder of the $15.5 million project costs comes from a $13.3 million grant made available through the Provincial and Federal governments. Approximately $12 million of the grant has been earmarked for the new facility and the remainder of the funds will be used for remedial work on the existing Parkland Manor.
McLauchlin is confident the Foundation can handle the debt load and doesn’t foresee any roadblocks.
“The partnership between the Ministry, the federal government, our CAO, the board and the Town of Rimbey on this project is a great example of partnership and collaboration that exemplifies how we get things done in our part of the province.”
The proposed complex is to be built on 8.54 acres of land which has been purchased by Ponoka County for $310,000 south of the Best Western Rimstone Ridge Hotel.
“The land is in the process of being transferred to the Foundation,” said McLauchlin.