Blind River Town Council continues to pay down its original $40 million Canada Mortgage and Housing Corporation (CMHC) loan through its ownership in the North Shore Power Group (NSPG).
On Aug. 16, 2023, NSPG transferred $600,000 to the town for pre-payment of the CMHC deferred loan. These funds were then transferred to CMHC on August 17, 2023.
According to Treasurer Sue Dent, there are two components to the CMHC loan that are paid by (NSPG) one being the deferred loan and the other the operating loan.
“The Operating Loan - this is the one that NSPG makes annual payments on of $1,115,324.00. The current balance outstanding is $11,955,440.37,” she said in an email to Elliot Lake Today. “The Deferred Loan - this is the one NSPG has been making pre-payments on. This was originally $23,406,750 but the balance has been reduced to $13,211,734.”
“Combined, there is still a total outstanding of $25,167,174.37,” she added.