The Town of Blind River continues to make payments on a long-time debt to the Canada Mortgage and Housing Corporation.
Negotiations with the corporation will see the town making some hefty payments of around $1.1-million annually to pay off a $49-million debt from seven years ago with money from a local utility.
The North Shore Power Group, the utility owned by the town, is seeing continued growth according to president, Graeme Lowry.
Lowry explained to council the municipality had been making payments through the Plasco Energy Group.
Plasco is now coming out of bankruptcy protection with a $25 million investment from the North Shore Power Group.
Plasco had paid the utility some $7 million on the investment before it went into bankruptcy.
Lowry assured the town that payments will continue until the debt is paid.