Huge development gets $100-million boost at Enoch Cree First Nation
With a $100-million loan, a unique second project between Canada Infrastructure Bank and the Enoch Cree First Nation rocketed ahead Thursday.
The loan lays the groundwork for a massive development encompassing retail, commercial, health sector and housing in the community's northeast development area plan.
The investment follows a $15-million Canada Infrastructure Bank loan in August 2023 towards upgrades to the main transportation artery within the community, including pedestrian crossings and a new multi-use pedestrian trail.
It's at the top end for loan size for community-based infrastructure with the Crown corporation, which run between $5 million and $100 million — and it's unique because it's the first time Canada Infrastructure Bank has done a second loan for a client, said Hillary Thatcher, managing director of investments for Canada Infrastructure Bank.
'This is really a great partnership where we can see a First Nation that's quite sophisticated leverage the different tools that have been made available to them in order that they can actually build out this land much faster,' Thatcher said.
'Without the Canada Infrastructure Bank , what would have happened is they would have staged it in multiple stages, and it would have been much slower to build out all the land and to meet the growth in demands of the region. So this loan enables them to design and construct under one massive phase, so they can move forward for the full project at one time, rather than phasing it out over a longer period of time and more years,' she said.
The investment is expected to create hundreds of direct and indirect jobs for the Indigenous community west of Edmonton, encompassing an elders facility, cultural centre and medical centre, and spurring more than $1 billion in commercial and residential development
The enabling infrastructure includes construction of water and wastewater mains, roads and installation of underground utilities at the 256-acre mixed-use development.
Enoch Civil Construction LP, the First Nation's heavy civil construction company, will hold the primary contract for the project as the general contractor.
Construction is expected to be completed in 2027.
Thatcher said the Enoch Cree First Nation has done an excellent job of marshalling resources to make the project work.
'They are really leaning in. They've partnered also with the First Nations Financing Authority, who's providing some of the loans for buildings, because our loan really just supports the enabling infrastructure, so water and wastewater. It supports roads and it supports the electrification, some of the core infrastructure stuff that's typically under the ground, whereas we don't finance buildings.
Chief Cody Thomas told Postmedia the partnership is a meaningful opportunity to build capacity and increase the standard of living for future generations to have equal, equitable opportunities.
'It's not just about our nation. It's about contributing to the city of Edmonton, the province of Alberta. There's so many spin-offs when it comes to this opportunity today,' Thomas said, citing employment, commercial and industrial development and housing.
'Capacity building for us as a nation, is a huge component of that as well,' Thomas said.
Urging other levels of government to consider similar initiatives, the chief said the project has reignited a spirit of co-operation.
'I think teamwork makes the dream work. And I'd have to give a lot of accolades to our support staff, they were very instrumental in putting together this opportunity for our nation.
'We're building a brighter future for next generations to come and for our members today and tomorrow, and honouring our ancestors,' Thomas said.
Partnering with other First Nations is as important as sharing the wealth of knowledge, Thomas said.
'It's our fiduciary responsibility as First Nations and human beings to provide opportunity and be the catalyst for other nations — to say, 'If we can do it, you can do it as well,'' Thomas said.
First Nations Finance Authority is providing $194 million in financing for the expansion of River Cree Resort and Casino.
'Providing First Nations' access to capital is key to economic growth, self-sufficiency and building strong, prosperous communities for generations to come,' said Ernie Daniels, FNFA's president and CEO.
jcarmichael@postmedia.com
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