County of St. Paul council has approved a borrowing bylaw that will allow the municipality to finance its share of a major seniors housing upgrade.
Council passed Bylaw 2026-06, which authorizes borrowing of up to $1.6 million to support the modernization of Sunnyside Manor Lodge.
CAO Jason Wallsmith explained the bylaw provides flexibility as the final borrowing amount may end up lower depending on available funds.
“As drafted, the bylaw allows us up to $1.6 million and change,” Wallsmith told council. “But the board amount is actually going to be a little bit lower, closer to $1.4 million.”
The municipality previously budgeted funds and placed $1.2 million into reserves, which will help reduce the total amount required through borrowing.
Wallsmith said the county plans to front the cash for the project and then use the loan proceeds to replenish municipal accounts.
“The county can still fund our portion of the project in cash and use the proceeds from the loan to functionally repay ourselves,” he said.
The loan will be structured over a five-year term, which council previously requested.
Council approved both second and third readings of the bylaw during the meeting, allowing the borrowing process to move forward.
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County Approves Borrowing Bylaw for Sunnyside Manor Lodge Modernization
County of St. Paul council has approved a borrowing bylaw that will allow the municipality to finance its share of a major seniors housing upgrade.
Council passed Bylaw 2026-06, which authorizes borrowing of up to $1.6 million to support the modernization of Sunnyside Manor Lodge.
CAO Jason Wallsmith explained the bylaw provides flexibility as the final borrowing amount may end up lower depending on available funds.
“As drafted, the bylaw allows us up to $1.6 million and change,” Wallsmith told council. “But the board amount is actually going to be a little bit lower, closer to $1.4 million.”
The municipality previously budgeted funds and placed $1.2 million into reserves, which will help reduce the total amount required through borrowing.
Wallsmith said the county plans to front the cash for the project and then use the loan proceeds to replenish municipal accounts.
“The county can still fund our portion of the project in cash and use the proceeds from the loan to functionally repay ourselves,” he said.
The loan will be structured over a five-year term, which council previously requested.
Council approved both second and third readings of the bylaw during the meeting, allowing the borrowing process to move forward.
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