Neils Christensen
Northern News Services

Iqaluit (Mar 15/04) - The City of Iqaluit is planning to take out a long-term loan of $2.6 million to pay for developing the Lake subdivision.

Brad Sokach, director of engineering said they need the money to finish developing 22 lots in the new subdivision.

"We had to put in a new road and bring water and sewer lines into the area," he said.

Along with the new loan, the city is also looking at approaching a bank to get a better interest rate on its debt of close to $2.1 million for the Road to Nowhere.

"We are just trying to get a better bang for our buck," said John Hussy, director of finance.

"We are trying to negotiate a four or five per cent interest rate. This just makes good business sense for the city."