Released on April 1, 2008
Meeting the promise to address a shortage of lots for residential and commercial development, the Government of Saskatchewan announced the Saskatchewan Infrastructure Growth Initiative (SIGI) applications and information are available online today. Interested applicants should go to http://www.municipal.gov.sk.ca for more information.
"Every community and municipality in this province has the opportunity to go to our website and get the information on how to apply for SIGI," Municipal Affairs Minister Bill Hutchinson said. "Our government promised this program which will provide interest-free loans to all incorporated Saskatchewan municipalities."
SIGI will provide interest rate subsidies on $300 million in five-year borrowing over a four-year period to help municipalities develop the infrastructure to meet the demand for new residential, commercial and industrial lot construction. The allocation for 2008-09 will be $75 million.
Municipal Affairs will provide payments to municipalities in order to offset the incurred interest charges associated with loans to local government. The Municipal Financing Corporation borrowing rate will serve as the standard for the amount of these payments.
SIGI project selection will be a merit-based process using key criteria to evaluate proposals. The evaluation will be based on information provided by applicants. The application deadline for the 2008-09 fiscal year is May 31, 2008. September 30 will be the deadline for subsequent year applications.
In addition to applications and information being available on the website - packages will be sent to all municipalities in the next few weeks.
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For more information, contact:
Greg Urbanoski
Municipal Affairs
Regina
Phone: 306-787-2155
Email: gurbanoski@gr.gov.sk.ca
Cell: 306-529-8631