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by Daily Commercial News last update:Sep 12, 2006

All alternate financing procurement projects will now be the responsibility of the Ontario Infrastructure Projects Corporation, David Caplan, Minister of Public Infrastructure Renewal, announced Monday.

All alternate financing procurement projects will now be the responsibility of the Ontario Infrastructure Projects Corporation, David Caplan, Minister of Public Infrastructure Renewal, announced Monday.

More than a dozen Ontario courthouse and hospital expansions and renovations, as well as a number of other provincial projects valued at over $100 million, will now all be overseen by the crown agency.

The government also announced the appointment of the chief executive officer and the inaugural board of directors.

With extensive experience in building organizations and structuring financial agreements, David Livingston, formerly an executive vice-president with TD Bank Financial Group, comes in as chief executive officer and board member. Tony Ross, a former vice-chair of Merrill Lynch Canada, will serve as the board chair.

Other directors include: Harry Swain, a management consultant and former chief executive officer with Hambros Canada and a director of its UK merchant banking parent; Gadi Mayman, chief executive officer of the Ontario Financing Authority and the Ontario Electricity Financial Corporation; and David Guscott, deputy minister and associate secretary of Cabinet.

The majority of the future board members will come from the private sector to provide expertise and to implement best business practices for all areas of infrastructure planning, financing, construction and management.

Later this year, the government plans to introduce legislative giving agency control over the Ontario Strategic Infrastructure Financing Authority (OSIFA).

OSIFA provides Ontario municipalities, universities and other broader public sector partners with access to low-cost and longer-term loans to build and renew critical public infrastructure.

Bringing OSIFA under the Infrastructure Ontario umbrella will help coordinate the government’s infrastructure financing activities.

DCN News Services

last update:Sep 12, 2006

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