Blind River has made another payment toward its multi-million-dollar Canada Mortgage and Housing loan, council was informed by treasurer Sue Dent at its Monday evening meeting.
“On Nov. 16, 2023 the town received the second balloon loan pre-payment for this year from North Shore Power Group (NSPG),” Dent said in her report. “This payment was $1.8 million. These funds were transferred to CMHC on Nov. 17, 2023.
The town also made a payment in mid-August of $1,043,103 and reported a balance of $13,211,734 on the balance of the loan at that time.
“Once CMHC has calculated the value to be applied to the balloon payment, a report will be provided that includes the new balance outstanding,” Dent said.