Item - 2021.CC33.1

City Council on May 26, 2021, adopted the following:

1.  City Council approve the 2021-2030 Toronto Transit Commission Capital Budget and Plan amendments for the Toronto Transit Commission Streetcar Program, as detailed in Parts a and b below:

a. expenditure adjustments to the Toronto Transit Commission’s 2021-2030 Capital Budget and Plan for the Toronto Transit Commission Streetcar Program by:
 

1.  increasing the Approved 2021-2030 Capital Budget and Plan by $425.785 million to a total of $568.0 million for the Toronto Transit Commission Streetcar Program to reflect the procurement of an additional 47 streetcars at an incremental cost of $328.248 million, and the modifications to the Hillcrest Facility to accommodate the additional fleet at an additional cost of $97.537 million; and

 
2.  amending the 2021 Capital Budget and 2022-2027 cash flow funding estimates to align with the estimated project delivery schedule to the following:

b.  funding adjustments to offset the incremental expenditure increase of $425.785 million for the Toronto Transit Commission Streetcar Program by:
 

1.  adding provincial and federal funding to include a $180.0 million contribution from each order of government for a total of $360.0 million;
 

2.  withdrawing $65.785 million from the Toronto-York Spadina Subway Extension Working Capital Reserve Fund (XR3027) with cash flows of $55.629 million in 2021 and $10.156 million in 2022 to fund planned Toronto-York Spadina Subway Extension capital works in 2021 and 2022 and replace the current debt funding allocated to this project; and
 

3.  reallocating the now released debt funding to the Toronto Transit Commission Streetcar Program as the City’s share to fund the balance of the incremental $425.785 million increase to the Program.

2. City Council authorize the Mayor and/or the City Manager and/or any other relevant City Official, in consultation with the Chief Financial Officer and Treasurer and the Chief Executive Officer, Toronto Transit Commission, to negotiate and execute intergovernmental funding agreements, including any amendments and extensions, required with the Government of Canada and the Province of Ontario for the Toronto Transit Commission Streetcar Program as outlined in the report (May 25, 2021) from the City Manager and the Chief Financial Officer and Treasurer, in a form satisfactory to the City Solicitor.