Lethbridge County is looking at a borrowing bylaw that would help fund water infrastructure between Coaldale and the McCain Foods potato processing plant in Chin. County council carried first reading of the bylaw at its April 20 meeting. If approved, it would see up to $6 million borrowed in the form of a debenture.
The funds would cover a portion of the $18 million cost of installing an 18,300 metre water pipeline to accommodate McCain’s upcoming expansion.
READ MORE: McCain to double the size of Coaldale facility, creating 260 new jobs
“Council recognizes the significant positive economic impact that will accompany the expansion of the McCain’s facility,” says Reeve Tory Campbell. “This is the largest investment in their 65-year history, doubling the workforce by creating an estimated 260 jobs. It will see exponentially more potatoes purchased from local producers to export finished products across the globe.”
The $6 million loan would be paid in semi-annual or annual installments over a maximum of 25 years, according to the county. It will apply for grant funding to offset as much of the remainder of the cost as possible.
Second and third reading of the borrowing bylaw will be considered on June 1.