The province announced today that the City of Prince George will be receiving more than $8 million to help address infrastructure needs and support planning for future opportunities.
The grant payments are part of the recently announced $100-million Northern Capital and Planning Grant, which provides funding for infrastructure and long-term planning to four regional districts (Fraser-Fort George, Bulkley-Nechako, Kitimat-Stikine and North Coast) and their 22 participating municipalities, including the City of Prince George.
“I would like to offer council’s thanks to the government of B.C. for this timely, and much-needed investment,” says Mayor Lyn Hall. “Prince George, like local governments across Canada, is grappling with the costs associated with aging infrastructure. Roads, bridges, above and below ground infrastructure, and our recreational facilities, are all aging and in need of maintenance and enhancement. Council and administration are extremely pleased to have received these funds that will be a great benefit to our community.”
According to the province, local governments may use the grant to meet an immediate infrastructure need for their community, save it for a future opportunity, or leverage it to secure other sources of funding, including borrowing, reserves and other grant programs, to cover major infrastructure and long-term planning initiatives.
Each eligible municipal local government must place the money in a separate reserve fund for capital and planning purposes. The municipalities will need to report on the use of money in this reserve fund over each calendar year, and the balance of the reserve fund at the end of each calendar year.
The city is looking to borrow close to $40 million this year for a slew of capital projects in the city. Prince George will also receive $3.2 million from Ottawa from the federal gas tax.