BARRIE, ONT. -- The federal government is pitching in $16 million towards constructing a storm water treatment facility in York Region to protect Lake Simcoe.

The treatment facility will reduce runoff from Holland Marsh into Lake Simcoe and protect the lake's watershed.

"This project alone will reduce phosphorus runoff into Lake Simcoe by 40 per cent, cutting algae growth in the lake's watershed, preserving fish habitat and protecting a major source of drinking water," said Catherine McKenna, Minister of Infrastructure and Communities.

The municipality of York Region is contributing $24 million to the project, which is expected to save $5.38 for every dollar invested.

Mike Walters, Lake Simcoe Region Conservation Authority, said this would be the largest project to remove phosphorus on the lake in 30 years.

"It robs the water of all the oxygen, which then stresses the fish community. This will just help accelerate the improvement to the health and quality of Lake Simcoe dramatically," Walters said.

Construction on the facility that will be located in Bradford isn't expected to start for several years.

With files from CTV's Rob Cooper