City council commits $15 million to Port of Algoma

Up to 1,800 construction jobs and over 2,400 long-term logistics and industrial positions are expected

Sault Ste. Marie city councillors put their money where their mouth is tonight, contributing $15 million in hopes of attracting a $250-million commercial port. But the unanimous vote had a long string attached.

The contribution is strictly conditional on the city and Hamilton-Oshawa Port Authority (HOPA Ports) securing the remaining balance of the required capital funding from the provincial and federal governments. Here's the full text of the resolution approved by city council tonight: Additional details will be added to this article.

Port of Sault Ste. Marie Mover Councillor C. Gardi Seconder Councillor M. Scott Whereas the City of Sault Ste.

Marie has entered into a strategic partnership with the Hamilton-Oshawa Port Authority (HOPA Ports) to develop the 'Sault to the South Trade Corridor,' a transformative $250-million multimodal infrastructure initiative designed to unlock Northern Ontario's resource sectors and enhance national supply chain resilience; and Whereas the successful development of a modernized commercial port facility at the heart of the Great Lakes is projected to generate massive regional economic benefits, including up to 1,800 construction jobs and over 2,400 long-term logistics and industrial positions; and Whereas maximizing our competitiveness for major capital funding from senior levels of government –including the Government of Canada’s National Trade Corridors Diversification Fund and the Province of Ontario – requires an equally clear, long-term financial partnership from our municipality; and

Whereas the City of Sault Ste. Marie must balance this vital economic development project with prudent long-term stewardship of the municipal tax levy and local infrastructure assets; Now therefore be it resolved that the City of Sault Ste. Marie commit to a funding envelope of up to $15,000,000 toward the Port of Sault Ste.

Marie, with the final amount to be determined based on the project's final funding structure to be structured in a way that may include, but shall not be limited to: - contribution of land to the project - rebates through the tax increment program - contribution of capital infrastructure improvements to support the port development - contribution of a monetary grant, or other such method as may be recommended by administration Further be it resolved that this entire financial and asset commitment be strictly conditional upon the City of Sault Ste.

Marie, HOPA Ports, and industrial anchor partners successfully securing the remaining balance of the required capital funding from the provincial and federal governments; and Further be it resolved that city staff be directed to prepare a comprehensive implementation report once grant application/funding decisions are known and report to council with a recommended structure for the total approved contribution.