The City of Orillia is considering a potential deal that would see Hydro One purchase Orillia Power Distribution Corporation.
At a news conference on Tuesday afternoon, the city announced they were entering negotiations with Hydro One to discuss a deal.
The city says the proposal involves Hydro One constructing several facilities, including buildings that would house networking technology. In turn, the city says a number of “highly-skilled” jobs would be created.
The estimated near-term economic impact is between $200-million and $300-million.
The other part of the deal would involve Hydro One purchasing Orillia Power Distribution Corporation, which is a subsidiary of Orillia Power Corporation.
“The City and OPC would not have even considered an offer from Hydro One if it weren’t for the significant, long-term economic development opportunities it presents,” said Orillia Mayor Steve Clarke in a statement. “We will examine this opportunity in greater detail and look to negotiate a deal that is in the best interest of Orillia residents, OPC employees and OPDC customers.”
“It should be stressed that no deal has been made at this time.”
The city and Hydro One will meet over the coming months to discuss the deal.
