UGDSB approves $40-million loan for new school
GUELPH – Construction is underway and a new Guelph high school with space for 894 students is set to open in September 2026.
The Upper Grand District School Board has activated a credit of up to $40 million at the Royal Bank of Canada (RBC) as “bridge financing” to cover the school’s construction.
The school board pays for building costs throughout the school’s construction, and the Ontario Ministry of Education reimburses the board for costs twice a year.
The RBC loan will offer “cash flow support during the time lag between construction cost payments and funding received from the ministry,” states a finance and facilities report presented during a Sept. 23 board meeting.
Trustees approved the financing unanimously, without trustee Alethia O’Hara-Stephenson, who declared a conflict of interest because she works for RBC.
