Peel-Halton Partnership (PHP) has signed a fixed-price contract with ErinoakKids Centre for Treatment and Development and the Province of Ontario to design, build and finance the construction of a state-of-the-art children's treatment centre with locations in Brampton, Oakville and Mississauga.
Contract
PHP participated in an open, fair and competitive procurement process that was overseen by the independent, third-party fairness advisor P1 Consulting Inc.
The value of the contract with PHP is $163.33 million.
As part of Infrastructure Ontario's (IO) commitment to a transparent process, the final contract with PHP will be posted on IO's website in the coming months.
Payment
PHP will receive three payments when substantial completion has been reached on each of the three sites.
In early 2017, ErinoakKids will pay PHP the first instalment of $46.65 million for the completion of the first facility. PHP will receive $51.89 million when substantial completion is achieved on second facility, and a third and final instalment of $64.64 million will be paid to PHP at substantial completion of the third site.
The project is being financed by five banks: Toronto-Dominion Bank, United Overseas Bank Limited, Bank of Montreal, National Bank of Canada, and Business Development Bank of Canada.
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