Kneehill County has entered into a four-year agreement with the Town of Trochu for the development of a new seniors’ living facility following council approval at the regular Tuesday, September 28 council meeting.
The Town of Trochu and Trochu Housing Corporation (THC) previously asked the county to provide financial backing as a guarantor to help in securing a potential $20 million loan to support construction of the proposed facility, which is estimated to cost some $32 million. Due to the town’s debt limit they were unable to secure the loan on their own.
“The one condition of (Bylaw 1833) was the Town of Trochu enter into an agreement governing this relationship with Kneehill County,” stated CAO Haugen during the meeting.
It was noted during the meeting that provincial funding is expected to be released, and the town will apply for some $19 million of this funding.
The project will also be funded through life-lease unit sales, and Division 7 Councillor Ken King shared 21 of the 24 of these units, or 87.5 per cent, have already been pre-sold.
The motion, to authorize Reeve Jerry Wittstock and CAO Mike Haugen to sign the Trochu Seniors’ Supportive Living Facility agreement, was carried unanimously.
During the Tuesday, October 12 meeting, Reeve Wittstock, CAO Haugen, and Councillor Ken King were joined by Town of Trochu Mayor Barry Kletke and Trochu CAO Carl Peterson to sign the agreement.