B.C. developers could be getting a big break in the provincial budget on Monday as part of a $50 million program that is expected to save them hundreds of millions of dollars by 2018.
The Ontario government says the program is aimed at helping build the new Brampton Centre to serve the region’s rapidly growing population and to help meet Brampton’s need for more affordable housing.
The new money will help developers get the green light to develop projects in Bramhampton, which is located between Toronto and Vancouver, on the northern coast.
The program is expected in the coming months and is part of the $4.4-billion government-financed Brampton East Growth Plan.
“I think this will help us do more,” Premier Kathleen Wynne said in an interview Monday.
“I think it’s a good thing.”
In an effort to get the government to act quickly, the province announced that it will be providing a one-time loan of up to $50 billion for the Brampton project, which will be built along the western edge of the city.
This is not a big deal for developers in other parts of the province.
Developers in Toronto and Montreal are already getting money under the plan, but developers in the Bramhamton area will be eligible for the loan.
With the loan, the federal government will provide $4 million a year for five years to help the province develop the project.
Brampton, with an estimated population of 2.7 million, is a city of roughly 13,000 people and a port city in British Columbia’s North Shore region.
Wynne said she would like to see more people in Bramton develop.
But she said there are challenges to bringing more people into the city and that it’s too soon to talk about a timeline.
She said there’s a lot of work to be done to get more housing into Brampton.
While Brampton is expected have 1,100 new housing units by 2021, the city is also building 1,500 to 1,600 more units.
It’s not clear how much money will be available to help developers build in Bramanys new housing stock, but some say it could be millions.
A lot of that money will go to developers in Brambanys south side, which includes a new arena that has been in the works for years.
Last year, Brampton received more than $3 billion in government money to build the arena, which has been scheduled to open by 2020.
Officials said the government will be offering a loan to help fund the construction of the arena as part to help build the city’s infrastructure, but there is no specific timetable for when it will get the money.
There’s also no set timeline for how much will be set aside for the project, although a spokesperson for the government said that it was committed to the $50-million.
According to a Brampton Councillor, the government is taking on a massive amount of debt for this arena project.
“We’ve been told that the first phase of this project is set to begin this summer, but I don’t know when that will be,” said Councillors Rob Hogg, the chair of the Bramanville Community Development Corp., and Mark Pincus.
“The arena is going to be a massive undertaking.
There’s a significant amount of work that has to be completed, and we don’t have a definite date for when we’re going to get that done.”
In addition to the debt, the Ontario government is also going to spend $20 million to buy land for the arena.
The city has about 3,500 hectares of land in Bramans district.
The Ontario government announced the $2.5-billion arena financing on Monday in a press release, and it said the money will support construction of an arena on a 40-acre site on the east side of the City of Brampton, at the southern end of the former City of Toronto.
In order to get approval for the construction, the developer must have an agreement with the city, which means it has to pay the city $20,000 a year in the next five years.
It also must provide at least 50% of the site for the development, and the city must approve the project within the next two years.
The province said that if the land is not available, it will have to wait for the city to agree to the construction and approve the deal.
The developer has been approved to build an arena for $50.8 million, and $4,723,834.50 will be spent on the arena and other development.