RM council discusses borrowing bylaw
RM of Portage la Prairie CAO Nettie Neudorf (left), Reeve Kam Blight (middle), and councilor Roy Tufford at their meeting Tuesday morning in Portage la Prairie. (Aaron Wilgosh/The Graphic)
The council of the Rural Municipality of Portage la Prairie held a public hearing to discuss a borrowing bylaw for road and rail improvements in the Poplar Bluff Industrial Park as part of the Roquette deal at their meeting Tuesday morning.
"We’re just getting approval for the borrowing bylaw,” says RM of Portage Reeve, Kam Blight. “We’re borrowing the funds to get some site prep done as part of the Roquette deal. Everything will be coming right back to us including all the borrowing costs. It’s essentially an in-and-out deal.”
The RM has approved the borrowing of up to $4,002,000 to pay for road improvements including rail crossing upgrades at Simplot Road and Road 65 North. Borrowing is to be repaid through the Community Revitalization Levy over 15 years at a maximum interest rate of 4 per cent, as per Borrowing ByLaw 3143.
“We’re that much closer to seeing the pea processing facility up and running,” adds Blight. “What you’ll see now is some road work near Simplot Road, as well as some site work where they’ll continue to build the actual facility. It’s very exciting, there’s a lot of work taking place, it’s growth, it’s jobs, it’s more money in both communities which is huge.”
The first round of borrowing was used for the road tender that was awarded to Tri-Core Industries who’ll be doing the work on Road 65 North.