Blind River treasurer Sue Dent praised the council on its $5.2 million early payments on its multi-million dollar Canada Mortgage and Housing Corporation (CMHC) loan and the impact those payments have had on the loan.
She also noted regular payments should continue.
Council made an early payment of $1.2 million in August and $4 million in January through North Shore Power Group (NSPG), which handles all payments on the $40.5 million 2015 initial loan to Blind River, which is fully due in 2037.
In her report to the council, Dent noted the town had received a letter "confirming the commuted value of $1,910,332” on the payment.
“CMHC doesn’t really owe us anything,” Dent said of the larger calculated value of the payment as adjusted. “They do not have to give us anything other than face value for these loan pre-payments. We’re very grateful they are willing to do that for us, but they are not required to.”
Making regular payments, Dent told the council, shows the ministry that the town can make regular payments and that financial institutions see that Blind River is reliable in meeting its financial obligations.
“It’s quite exciting to see the balance on that deferred (side) has now gone from $23.4 million down to $15.67 million, so we’re certainly making good headway, but we need to keep at it,” Dent told the council.
Councillor Jennifer Posteraro noted the town has always been making payments in time.
“The residents of Blind River do need that loan paid off as soon as possible,” Posteraro said.