Windsor Council approves $53 million debt to pay for future EV battery plant site
Windsor City Council has approved a plan to pay $53 million for land for the future site of the Stellantis-LGES battery plant in east Windsor.
The City of Windsor already owns about 40 acres of the necessary roughly 220 acres just south of E.C. Row and west of Banwell Road.
A report sent to council by the city's Deputy Treasurer lays out $45 million dollars for land acquisition, and the remaining $8 million for site servicing.
During council Monday night, administration made it clear that in the short-term, the project will dip into the city's cash reserves, before permanent long-term financing is established through third-party sources.
Interest on any money council borrows from the city's reserves will follow the city's borrowing policy, which ties in with the Bank of Canada's interest rates. Administration says it's a risky but necessary move, due to rising inflation.