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Horizon North Logistics Inc. Signs Letter of Intent with the City of Toronto for Modular Supportive Housing Initiative
Horizon North Logistics Inc. Signs Letter of Intent with the City of Toronto for Modular S...
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[{"type":"text","content":"\n\n\n\nHorizon North Logistics Inc. Signs Letter of Intent with the City of Toronto for Modular Supportive Housing Initiative\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 11, 2020\n\n\n\nCALGARY, May 11, 2020 /CNW/ - Horizon North Logistics Inc. (\"Horizon North\" or the \"Corporation\") (TSX: HNL.TO) announced today that the Corporation has signed a non-binding letter of intent (the \"LOI\") with CreateTO (the \"City\") relating to the design, delivery and installation of 110 modular units of permanent supportive housing (the \"Pilot Project\") by Horizon North. \n\n \n \n \n \n \n \n\n \nRevenue from the Pilot Project is expected to be between $17 million and $20 million, with a first group of units targeted to be ready for occupancy late in the third quarter of 2020 and a second group following in the fourth quarter of 2020. Manufacturing for the Pilot Project will be undertaken in Horizon North's NRB Modular Solutions 'center of excellence' in Grimsby, Ontario.\n\"The modular construction process provides a rapid, innovative solution to the endemic issue of affordable housing in many areas of Canada,\" says Rod Graham, President and Chief Executive Officer of Horizon North. \"Horizon North has had the opportunity to construct 664 supportive housing units in the City of Vancouver and 797 more units across the province of British Columbia. We are proud to bring that experience to providing critical, made-in-Ontario solutions for the City of Toronto.\"\nAdds Mr. Graham: \"As the COVID-19 pandemic continues to affect the lives of all Canadians, Horizon North stands ready with our national platform of modular solutions to provide fast, high-quality affordable housing that can contribute to safety and security. We believe every Canadian deserves a home and appreciate the leadership role taken by the City and all levels of government on this initiative.\" \n\"As the Mayor of the fastest growing city in North America, it is vital that we have adequate access to housing for all of our residents,\" says Toronto Mayor John Tory. \"Modular hou...