Item - 2015.EX1.9
Tracking Status
- City Council adopted this item on December 11, 2014 without amendments.
- This item was considered by the Executive Committee on December 5, 2014 and adopted without amendment. It will be considered by City Council on December 11, 2014.
EX1.9 - Bloor-Yorkville Business Improvement Area (BIA) - Yorkville Avenue Streetscape Project Financing
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 27 - Toronto Centre-Rosedale
City Council Decision
City Council on December 11, 2014, adopted the following:
1. City Council approve an exception to the Business Improvement Area Capital Cost-Sharing Guidelines under the Financed Funding Model for the Bloor-Yorkville Business Improvement Area Yorkville Avenue Project so as to increase the financed funding for the Project by $0.401 million from $0.650 million to $1.051 million to be repaid to the City with interest over a period of up to 10 years.
2. City Council direct the Deputy City Manager and Chief Financial Officer and the General Manager, Economic Development and Culture, review the Business Improvement Area Capital Cost-Share Program Guidelines and report to Executive Committee in 2015 with the results of their review.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-73811.pdf
Motions (City Council)
Vote (Adopt Item) Dec-11-2014 10:06 AM
| Result: Carried | Majority Required - EX1.9 - Adopt the item |
|---|---|
| Total members that voted Yes: 41 | Members that voted Yes are Paul Ainslie, Ana Bailão, Michelle Berardinetti, Jon Burnside, John Campbell, Christin Carmichael Greb, Shelley Carroll, Raymond Cho, Josh Colle, Gary Crawford, Joe Cressy, Vincent Crisanti, Janet Davis, Glenn De Baeremaeker, Justin J. Di Ciano, Frank Di Giorgio, Sarah Doucette, John Filion, Paula Fletcher, Mary Fragedakis, Mark Grimes, Stephen Holyday, Jim Karygiannis, Norman Kelly, Mike Layton, Chin Lee, Giorgio Mammoliti, Josh Matlow, Pam McConnell, Mary-Margaret McMahon, Joe Mihevc, Denzil Minnan-Wong, Frances Nunziata (Chair), Cesar Palacio, James Pasternak, Gord Perks, Jaye Robinson, David Shiner, Michael Thompson, John Tory, Kristyn Wong-Tam |
| Total members that voted No: 1 | Members that voted No are Rob Ford |
| Total members that were Absent: 3 | Members that were absent are Maria Augimeri, Ron Moeser, Anthony Perruzza |
EX1.9 - Bloor-Yorkville Business Improvement Area (BIA) - Yorkville Avenue Streetscape Project Financing
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 27 - Toronto Centre-Rosedale
Committee Recommendations
The Executive Committee recommends that:
1. City Council approve an exception to the Business Improvement Area Capital Cost-Sharing Guidelines under the Financed Funding Model for the Bloor-Yorkville Business Improvement Area Yorkville Avenue Project so as to increase the financed funding for the Project by $0.401 million from $0.650 million to $1.051 million to be repaid to the City with interest over a period of up to 10 years.
2. City Council direct the Deputy City Manager and Chief Financial Officer and the General Manager, Economic Development and Culture, review the Business Improvement Area Capital Cost-Share Program Guidelines and report to Executive Committee in 2015 with the results of their review.
Origin
Summary
In August 2013 the Bloor-Yorkville Business Improvement Area applied for funding of $1.000 million gross through the Financed Funding option ($1.000 million maximum; $0.350 million City / $0.650 million Business Improvement Area financing) to complete streetscape improvements to Yorkville Avenue from Bay Street and Avenue Road in conjunction with road resurfacing and water main replacement work. The project was approved by City Council in the 2014 Economic Development and Culture Capital Budget.
When the project was tendered in July, the lowest bid for the Business Improvement Area streetscaping component of the project was $2.001 million. On August 25, 2014, City Council allocated an additional $0.600 million to the project from funds received pursuant to Section 37 of the Planning Act from the development of 21 Avenue Road.
City Council approval is required for an exception to the Business Improvement Area Capital Cost-Sharing Program Guidelines to increase the financed amount by $0.401 million from $0.650 million to $1.051 million to fully fund the Business Improvement Area share and allow awarding of the contract. The $1.051 million of Business Improvement Area financing is repayable to the City with interest over a period of up to 10 years and is secured under priority lien status in favour of the City.
Background Information
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-73811.pdf