REQUEST FOR DECISION
DATE: June 22, 2017 Report No. FIN-17-012
TO: Laurie Hurst, Chief Administrative Officer
FROM: Ian Irvine, Director of Financial Services
SUBJECT:
Title
McLoughlin Point Amenity Reserve Funds
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RECOMMENDATION:
Recommendation
That Council give first, second and third readings to McLoughlin Point Amenity - Waterfront Parks Reserve Fund Bylaw, 2017, No. 2900, McLoughlin Point Amenity - Recreation Improvements Reserve Fund Bylaw, 2017, No. 2901, and McLoughlin Point Amenity - Public Safety Facilities Reserve Fund Bylaw, 2017, No. 2902, as attached to Staff Report FIN-17-012.
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RELEVANT POLICY:
Community Charter S188
STRATEGIC RELEVANCE:
Continue to enhance the health and liveability of the community
Continue to address the operational and financial requirements of our infrastructure
BACKGROUND:
In February 2017 the Township entered into a Host Community Impact Five Year Agreement relating to the Waste Water Treatment Plant being sited at McLoughlin Point. Part of this agreement includes the receipt of a one time cash contribution of $17,000,000 by the Township from the Capital Regional District.
At the same time, an Amenity Reserve Fund Administration Agreement between the Capital Regional District and the Township was also signed. This agreement requires the Township to establish, through bylaw, multiple reserve fund accounts for the purpose of funding future waterfront park improvements, recreation improvements and public safety facilities within the Township. These bylaws would allow for the credit of the agreed upon cash contributions and would define the permitted uses of each reserve fund.
ISSUES:
1. Rationale for Selected Option
In order to allow for the deposit of the payments being made by the Capital Regional District to the Township, three reserve funds must be established. These reserve funds, each with a specified purpose, must be established through bylaw prior to the amounts being deposited fo...
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