Item - 2018.EX33.18

The Executive Committee recommends that:  

1.  City Council authorize the following increases and accelerations to the approved 2018 Capital Budget and 2019-2027 Plan:

a.  amend the Parks, Forestry and Recreation's Capital Budget and Plan as follows:

1.  increase the project cost of the Bessarion Community Centre sub-project in the Community Centre project, by $12.900 million from $56.950 million to $69.850 million, with the 2018 cash flow increasing by $10.500 million from $3.280 million to $13.780 million and 2019 cash flow increasing by $2.400 million from $7.395 million to $9.795 million, with funding of $11.610 million from Parks, Forestry and Recreation Development Charges (XR2114) and $1.290 from the City-Wide Parkland Development Reserve Fund (XR2211).

2.  increase the project cost of the Bessarion Stakeholders sub-project in the Community Centre project, by $3.300 million from $19.700 million to $23.000 million, with increases of $0.600 million from the Child Care Capital Reserve Fund (XR1103) for Children's Services, and $2.700 million from Toronto Public Library; and defer $9.097 million in cash flow in the Bessarion Stakeholders sub-project in the Community Centre project, from 2018 to 2020 and 2021, with $7.095 million in 2020 and $2.002 million in 2021, as detailed in Appendix 1 to the report (March 12, 2018) from the General Manager, Parks, Forestry and Recreation, the City Librarian and the Acting President, Toronto Parking Authority.

b.  amend Toronto Public Library's (TPL) Capital Budget and Plan to increase the project cost of the Bayview - Bessarion Library Relocation project by $2.700 million from $12.622 million to $15.322 million with 2021 cash flow increasing from $2.002 million to $4.702 million with funding of $1.539 million from Library Development Charges (XR2115) and $1.161 million from debt originally planned for Multi-Branch State of Good Repair program, subject to Toronto Public Library Board approval, to provide funding for the $2.700 million of increased cost of the Library portion of the Bessarion Stakeholders project.   

c.  amend Toronto Parking Authority's Capital Budget by adding a project known as Bessarion Community Centre Parking Garage with a total project cost of $4.000 million in 2018 and cash flow of $4.000 million in 2020, fully funded from Toronto Parking Authority retained earnings.

The purpose of this report is to request authority from City Council to amend the approved 2018-2027 Capital Budgets and Plans for Parks, Forestry and Recreation (PF&R), Toronto Public Library (TPL), and Toronto Parking Authority (TPA) by increasing project costs and adjusting cash flows for construction of the Bessarion shared-use facility project.  The Bessarion project includes a new community centre (CC), library branch, child care centre, and underground parking garage.  Additional funds and realignment of cash flows are required in order to award the contract to the lowest bidder.