Item - 2016.EX15.28
Tracking Status
- City Council adopted this item on June 7, 2016 without amendments.
- This item was considered by the Executive Committee on May 24, 2016 and adopted without amendment. It will be considered by City Council on June 7, 2016.
EX15.28 - College Promenade Business Improvement Area Streetscape Project Financing
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- 18 - Davenport, 19 - Trinity-Spadina
City Council Decision
City Council on June 7, 8 and 9, 2016, adopted the following:
1. City Council approve an exception to the Business Improvement Area Capital Cost-Sharing Guidelines under the Financed Funding Option for the College Promenade Business Improvement Area Project to increase the financed funding for the Project by $1.063 million from $1.250 million to $2.313 million to be re-paid to the City with interest over a period of up to 10 years.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2016/ex/bgrd/backgroundfile-93274.pdf
Motions (City Council)
Vote (Adopt Item) Jun-07-2016 4:44 PM
| Result: Carried | Majority Required - EX15.28 - Adopt the item |
|---|---|
| Total members that voted Yes: 36 | Members that voted Yes are Paul Ainslie, Maria Augimeri, Ana Bailão, Jon Burnside, John Campbell, Christin Carmichael Greb, Shelley Carroll, Raymond Cho, Gary Crawford, Joe Cressy, 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, Josh Matlow, Pam McConnell, Mary-Margaret McMahon, Joe Mihevc, Denzil Minnan-Wong, Frances Nunziata (Chair), Cesar Palacio, Gord Perks, Jaye Robinson, David Shiner, Michael Thompson, John Tory, Kristyn Wong-Tam |
| Total members that voted No: 0 | Members that voted No are |
| Total members that were Absent: 8 | Members that were absent are Josh Colle, Vincent Crisanti, Janet Davis, Michelle Holland, Giorgio Mammoliti, Ron Moeser, James Pasternak, Anthony Perruzza |
EX15.28 - College Promenade Business Improvement Area Streetscape Project Financing
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- 18 - Davenport, 19 - Trinity-Spadina
Committee Recommendations
The Executive Committee recommends that:
1. City Council approve an exception to the Business Improvement Area (BIA) Capital Cost-Sharing Guidelines under the Financed Funding Option for the College Promenade BIA Project to increase the financed funding for the Project by $1.063 million from $1.250 million to $2.313 million to be re-paid to the City with interest over a period of up to 10 years.
Origin
Summary
In August 2015 the College Promenade Business Improvement Area (BIA) applied for funding of $1.950 million gross through the BIA Cost-Share Financed Funding option for streetscape improvements to College Street from Shaw Street to Havelock Street as part of a larger contract including contributions from Public Realm, Urban Forestry, Transportation Services and Civic Design.
Under the Financed Funding option, Economic Development and Culture's contribution is capped at $0.350 million. The remaining $1.600 million was to be funded with $0.350 million from savings the BIA has accumulated in its reserves and $1.250 million from a loan financed by the City. The project was approved by City Council in the 2016 Economic Development and Culture Capital Budget.
When the project was tendered in April, the lowest bid for the BIA Financed Funding component of the project was $3.013 million. Awarding of the contract would require an increase to the financed amount by $1.063 million, from $1.250 million to $2.313 million. An exception is required to the BIA Capital Cost-Sharing Program Guidelines, which caps the total amount of outstanding loans to any single BIA at any given time at $2.000 million.
Background Information
https://www.toronto.ca/legdocs/mmis/2016/ex/bgrd/backgroundfile-93274.pdf