City council voting for multi-year plan to pay for its $17.8-million portion of South Niagara hospital
The City of Welland has a plan... for how it'll fund it's $17.8-million contribution to the South Niagara hospital construction.
Council approved the strategy at a recent meeting, after directing city staff to come up with a multi-year plan.
Of the 7 options, the city says it chose one balancing the use of existing reserves, with manageable tax increases over time.
The plan includes using $8.5-million from the Economic Development Reserve, $850,000 into a newly created hospital reserve, over $8-million in debt issued in 2028, and slight tax increases of less than 1% in 2027, 2028 and 2029.
The city adds the tax increases mean for the average homeowner a $402 increase from 2027 to 2038.
And to add transparency, the city is adding a dedicated hospital tax levy line on property tax bills, to show what is being paid.
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