Brockville Council Approves St. Vincent Cost Surplus Guarantee


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Brockville council on Tuesday backed a cost overrun guarantee to the nonprofit group that is building an apartment complex for the elderly on the site of the former Saint-Vincent-de-Paul hospital.

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The decision, which endorses the recommendation of the council’s planning and operations committee, means the city would cover up to $ 750,000 in possible construction cost overruns for the multi-million dollar project.

But supporters of the project say the Marguerita Residence Corporation is unlikely to ever need the funds.

Council also recently waived nearly $ 193,000 in building permit and wastewater treatment fees for the non-profit corporation that is constructing an 88-unit senior citizen building on the Garden Street site.

The cost overrun guarantee request was made at the insistence of Marguerita Corporation’s lender, TD Commercial Banking.

City council approved the measure without discussion at its regular virtual meeting on Tuesday, as part of a “consent agenda” from the planning committee covering the items that were unanimously agreed.

City officials noted that the project’s construction budget is $ 17,430,000, including a 10% contingency fund if it is exceeded, and that the group has its own reserves, which it would draw on beforehand. to ask the city for help.

Officials at the Marguerita company hope that construction of the new senior housing complex can begin in September.

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