Halton Healthcare Services has asked the town to fund a portion of the costs of a new hospital in Oakville.
At the Council meeting on March 1, town staff reported on the results of the February 11 public meeting and consultation that was conducted over the past month.
The province has ageed to give Council until April 24, 2010, to consider Halton Healthcare Services' request for a $200 million contribution to the local share funding required for the hospital.
- View examples of financing the local share contribution (pdf, 40 kB)
- Read the March 2, 2010 news release: Province agrees to Mayor's request for more time on hospital funding
- View the presentation on public consultation conducted by the town
- Read key questons and answers about the new hospital
- Download the flyer (pdf, 403 kB)
- Read the January 26, 2010 news release: Hospital funding consultation launched today
Oakville-Trafalgar Memorial Hospital has met the healthcare needs of our community for more than 60 years, but after several expansions and renovations it no longer has the capacity to expand or change in its current location.
Halton Healthcare Services (HHS) has the provincial approval and financial commitment to build a new larger hospital capable of providing a full range of healthcare services to a growing population.
HHS has asked the Town of Oakville to contribute $200 million dollars to this project beginning in 2015. The town will need to borrow money to fund its contribution, which can be financed over 30 years. The total amount paid will be more than $200 million because of interest costs - just like a mortgage.
Here's how $200 million dollars of funding could impact your property taxes:
- Cost
- Tax impact per $100,000 of assessment begins in 2015 at $15 per year, increasing to $35 per year over 30 years
- Benefits
- Hospital opens in 2015
- Hospital able to add proposed new services, and equipment
- Provides capacity for future expansion and enhancements to medical services
A community is not often given the opportunity to build a new hospital, but we know paying a new tax levy could also be challenging for residents.
Contributing the requested funds for the new hospital will also slightly reduce the town's ability to borrow money for local infrastructure and facilities such as roads, bridges and libraries.
For more information about the new hospital, please visit their website.
