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2- The Oakville Beaver, Wednesday March 5, 2008 www.oakvillebeaver.com School principal gets creamed Region needs $2.5 billion for growth By Melanie Hennessey SPECIAL TO THE BEAVER DEREK WOOLLAM / OAKVILLE BEAVER READING REWARDS: Lorne Skuce Principal Bob Hewson gets a face full of whipping cream from Kayla Zargan Friday afternoon. The school principal was one of many staff members and parent volunteers to receive a face full of cream from students as a reward for the school reaching its reading goal of 1,000 books in February. eather ale · Sofas · Loveseats · Chairs & Recliners Proudly supporting Canadian Manufacturers 217 Lakeshore Road East Downtown Oakville Since 1953 905.844.3530 www.swissinteriors.com Halton Region needs a whopping $2.5 billion to cover its growth-related infrastructure projects between now and 2021, and more than half of that is required within the next four years. Now, Halton staff is working on options to finance the necessary water, sewer and roads projects without putting a burden on local taxpayers. Staff presented the staggering figures to a large crowd of local and regional councillors at a growth financing information session last week. Halton CAO Pat Moyle told those in attendance that while the Province has identified where development will happen through its Places to Grow plan, there hasn't been any meaningful discussion about how to pay for the infrastructure needed to support the population boom. "The Province has got to get back into the municipal infrastructure game," he emphasized. Getting the Province on board is a critical part of the growth financing solution, said Halton Commissioner of Corporate Services and Treasurer Jane MacCaskill. "What we need from the Province is to "What we need from the take away the uncer- Province is to take away the tainty around cash uncertainty around cash flow," she said. flow." She explained if the Region issues debt for Janet MacCaskill, Commissioner a project and its cash of Corporate Serves, Halton Region flow to pay the debt back is tied to the pace of development (through development charges), the municipality needs somebody -- like the Province -- to pick up the difference if that development doesn't happen. While $2.5 billion is needed over the next 14 years for infrastructure costs, $1.3 billion of that has to be found within the next four years. About $600 million of the latter amount can be covered through the Region's usual financing techniques, said MacCaskill. That means the Region still has to figure out how it will cover the remaining $767 million. "We don't know the answer yet," said the treasurer. "We're working on it." The municipality is in the process of updating its development charges and is proposing to raise them by thousands of dollars. Even though the charges would ultimately generate enough money to cover the $767 million, it wouldn't be in a timely enough fashion, said MacCaskill. Now, the Region is evaluating all of its options, such as phasing the needed infrastructure, getting builders to pay more of their development charges up front, securing funds from the Province, using GTA pooling savings and issuing debt. The growth-related projects the money is needed for from now until 2021 include: · $463 million for water and wastewater plant expansions; · $208 million for Burnhamthorpe Road widening and structures; · $199 million for Dundas Street widening, intersections and structures; · $155 million for Tremaine Road widening, new construction and structures; · $87 million for north Oakville water and sewer servicing. A financial implementation report is scheduled for completion in October.