Credit Valley Hospital

Media Release

Media Release
Communiqué

For Immediate Release
June 2, 2008

CVH LogoInfratructure Ontario Logo

THE CREDIT VALLEY HOSPITAL PHASE II REACHES FINANCIAL CLOSE

 

 

TORONTO – Infrastructure Ontario and The Credit Valley Hospital announced that the hospital and Bondfield Construction Company Limited have achieved financial close. This signals that all contractual steps have been completed for the Phase II redevelopment project.

The expansion means approximately 270,000 square feet of new construction and 70,000 square feet of renovations. It will provide enhanced hospital services including more beds (392 to 471) and double the number of labour and delivery rooms (seven to 15) with additional room for growth.

Other improvements include expanding cancer treatment resources to include a new high-dose radiation therapy suite and additional surgical oncology, palliative and complex continuing care beds. Additionally, there will be more capacity for neonatal care, increased diagnostic services and support areas. An expanded laboratory from approximately 15,000 square feet to 42,000 square feet will provide more in-house support for diagnostics.

The building team, led by Bondfield Construction Company Limited, includes financial advisor National Bank Financial and financing arranged by Société Générale Corporate and Investment Banking. The deal commits Bondfield Construction Company Limited to build and finance the redevelopment project for $162.8 million, which will be paid by the hospital when substantial completion is reached in fall 2011. The provincial government will fund 90 per cent of eligible construction costs. However, costs associated with medical equipment, furniture and site preparation are funded wholly by the hospital. At the peak of construction, there will be more than 150 workers on site daily.

“This project is part of the government’s ReNew Ontario plan – a five-year $30-billion-plus infrastructure investment plan that represents the biggest investment in provincial infrastructure in more than a generation,” said David Caplan, Minister of Public Infrastructure Renewal. “The final contract is signed, demonstrating that the McGuinty government has delivered on its commitment to this community.”

“The Credit Valley Hospital has been recognized for the quality of care it provides,” said Mississauga-Erindale MPP Harinder Takhar. “This redevelopment project will allow the hospital to better cope with the challenges of our aging and growing population in Peel region.”

“Getting Phase II underway is, to borrow a phrase from Winston Churchill, ‘the end of the beginning’,” said Mississauga-Streetsville MPP Bob Delaney. “Especially for the growing families in western Mississauga, the expansion of the maternity suite will mean more moms being able to give birth close to home.”

Hospital president and CEO Wayne Fyffe says the impact of the project on Credit Valley’s patients and caregivers once completed will be immediate. “Every patient deserves a bed when they are acutely ill or a woman in labour. Once the new, four-storey A wing opens in 2011 we will have more inpatient surgical capacity, more labour and delivery suites, and a proper home-like environment for our complex continuing care and palliative care patients. We are grateful to the province for making A and H wings a priority project for our patients and families.”

Infrastructure Ontario and the Ministry of Health and Long-Term Care will work with The Credit Valley Hospital to redevelop and expand the hospital, which will remain publicly owned, publicly controlled and publicly accountable. Infrastructure Ontario is a Crown corporation dedicated to managing some of the province's larger and more complex infrastructure renewal projects – ensuring they are built on time and on budget.

This project is guided by principles outlined in the province’s Building a Better Tomorrow framework, which ensures public ownership of core assets such as hospitals, schools, and water and wastewater facilities.

Visit www.infrastructureontario.ca for more information.

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CONTACTS:

Amy Tang
Minister's Office
Public Infrastructure Renewal
416-325-4048

Terence Foran
Infrastructure Ontario
416-325-2939

Wendy Johnson ABC APR
The Credit Valley Hospital
905-813-2617

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