At the April 20 Council meeting, Lethbridge County Council passed first reading of a Borrowing Bylaw to assist in funding water pipeline infrastructure between the Town of Coaldale and the McCain Foods potato processing facility in Chin.
The proposed bylaw would see up to $6 million borrowed from an accredited financial institution in the form of a debenture. This would cover a portion of the $18 million cost of installing a 18,300 metre water pipeline needed to accommodate the water requirements of the McCain facility in light of their recent $600-million expansion announcement.
“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 proposed Borrowing Bylaw would allow for a $6 million debenture, repaid in semi-annual or annual instalments over a period of no more than 25 years. The County will apply for grant funding to offset as much of the project costs as possible.
“Council is committed to fostering an environment wherein businesses can thrive,” says Campbell. “Continued economic growth benefits the County and the entire region.”
Council will consider second and third readings of the bylaw at the June 1, 2023 meeting. Residents may submit a petition opposing the bylaw no later than May 24, 2023. More information on petitions is available online at https://lethcounty.ca/p/petitions or by calling 403-328-5525.
Proposed Bylaw 23-016 – Borrowing Bylaw: https://lethcounty.ca/Home/DownloadDocument?docId=bf6c672d-d9ed-4b5b-b49d-a3cd900ce6d0
Public Notice – Proposed Bylaw 23-016 – Borrowing Bylaw: https://lethcounty.ca/Home/DownloadDocument?docId=222d482b-d519-40ac-8814-c0d8cb734e3e
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