Item - 2017.MM35.35
Tracking Status
- City Council adopted this item on December 5, 2017 without amendments.
MM35.35 - Authorization to Transfer Section 42 Funds to The Bentway - by Councillor Joe Cressy, seconded by Councillor Mike Layton
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- 19 - Trinity-Spadina, 20 - Trinity-Spadina
City Council Decision
City Council on December 5, 6, 7 and 8, 2017, adopted the following:
1. City Council amend the 2017 Approved Capital Budget for the Waterfront Revitalization Initiative by increasing funding by $500 thousand from $23.5 million to $24 million for the capital project named CWR003-26 The Bentway; the additional funding of $500 thousand to be funded by Section 42 Alternate Rate Cash in lieu of Parkland and resulting in an increased cash flow from $3 million to $3.5 million in 2018 for the purpose of funding an extension of the project into Ward 20 from the following development:
a. 120 and 130 Harbour Street, secured for Section 42 Alternate Rate Cash in lieu of Parkland, in the amount of $500,000 (source account XR2213-4200474).
Background Information (City Council)
https://www.toronto.ca/legdocs/mmis/2017/mm/bgrd/backgroundfile-109716.pdf
(December 6, 2017) Fiscal Impact Statement from the Interim Chief Financial Officer
https://www.toronto.ca/legdocs/mmis/2017/mm/bgrd/backgroundfile-109827.pdf
Motions (City Council)
That Councillor Joe Cressy be permitted to add to the agenda of today's meeting an urgent Motion without Notice concerning:
Authorization to Transfer Section 42 Funds to The Bentway
Reason for Urgency:
This Motion is urgent in order to allow the extension of the project to Bathurst Street on schedule.