Construction of the project is 78 per cent grant funded.
The District has secured $5.9M from the Rural and Northern Communities Fund of the Investing in Canada Infrastructure Program and $300K from the Province of British Columbia through the Ministry of Municipal Affairs. District capital reserves are also being utilized for construction costs. Funding for equipment is being pursued through the Shuswap Hospital Foundation and the District will utilize the Canada-Community Building Fund for greenspace enhancement.
The current budget for the building has been prepared conservatively, with savings opportunities already being realized. After construction drawings have been completed, a Class A estimate will be presented to council. The District continues to explore grants and other external revenue sources for the operation of the Shuswap Healing Centre. Since the centre will be used by residents from outside of Sicamous, the District is working to secure agreements for contributions from the outside areas.
A reserve will be established by the District for the future replacement cost of the building and a portion of rental income will be set aside in the reserve.
The cost of building operations will be offset by the rental income generated through lease agreements with building tenants. The District has engaged the Interior Health Authority (IHA) to offer its services from this location and is discussing the opportunity with IHA staff. The District is also preparing an expression of interest to attract building tenants and will accept proposals from allied health professionals.