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Municipal Capital Borrowing Board Approves City’s Application


August 7, 2015

 
MONCTON – The City of Moncton received confirmation from the Municipal Capital Borrowing Board that the application presented on July 20, 2015 in the amount of $95.4 million has been authorized. 

As part of the process for building the Downtown Centre, the City of Moncton must demonstrate its capacity to fund such a large-scale project in order to meet the financial and legal close deadline of September 30, 2015. To do so, all required funding must be secured. The Board’s approval reiterates that the City has the financial ability to undertake this construction project.

The City of Moncton will only require a net borrowing of approximately $39 million of the full amount, as the remainder of $95.4 million will be provided by the provincial and federal governments, the sale of ancillary land adjacent to the site, and a capital campaign. The figures for each partner have been stated in the City’s funding model plan which is available at moncton.ca.

Project decision timeline
The deadline for the City’s decision on the Downtown Centre project is approaching. Over the past few weeks, Moncton City Council has been meeting regularly and doing its due diligence to understand the details of the proposed funding plan and long term financial implications of the project.

A Special Public Council Meeting will be held on August 12 at 4 pm in Council Chambers. During the meeting, the funding plan and long term financial plan will be presented publicly and Council will be asked to vote on both items. If they are accepted, the evaluation committee will bring forward its recommendation to award the RFP in order to meet the September 30 deadline for the financial and legal close.

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Contact: 
Isabelle LeBlanc
Director
Corporate Communications
City of Moncton
506-853-3592
isabelle.leblanc@moncton.ca