Mel Schroeder (Hanover), Vic Toews, Henry Funk (Hanover), Doug Cavers (Hanover)

An announcement by the federal government will save Hanover taxpayers a lot of money. That, from Chief Administrative Officer Doug Cavers who says they've been approved for three low-cost loans through Canada Mortgage and Housing Corporation.

The loans were announced Friday by Minister of Public Safety, Vic Toews. "Our Government understands the importance of infrastructure in maintaining strong and prosperous communities," says Toews. "The Municipal Infrastructure Lending Program has enabled municipalities both here in Manitoba and across Canada to invest in water and waste services, fire halls and other housing-related infrastructure projects that are essential to growing their communities."

Cavers says Hanover has received money in the past for the Mitchell lagoon expansion. "The current application approval is for the Bothwell lagoon, Kleefeld lagoon and water reservoir and the Grunthal lagoon and water reservoir."

Cavers says the terms of the loan are for fifteen years. "The interest rates are different for each one but they're significantly lower than what we could borrow from the province. And over a period of time, for Hanover our borrowings will be somewhere in the five-and-a-half million dollar range for these sets of projects." And Cavers says "this will probably save the municipality and the residents of the municipality close to a million dollars over the fifteen year period of time."

He says the Kleefeld lagoon and water reservoir are complete, the Bothwell lagoon project is nearly finished and in Grunthal the reservoir currently under construction is nearly wrapped up, while the lagoon project has been delayed until next year.