Financial Matters:
The overall park improvements and partnership between RMBC and the City of Windsor is extensive with over $4 Million dollars invested in this diverse and accessible community park, the majority of which has been privately raised funds by RMBC. The table below is the breakdown of the cost associated with the current grant application including both the City and RMBC contribution.
| City Of Windsor | RMBC | Jumpstart Funding | Total | |
|---|---|---|---|---|
| Capital Contribution | $125,000 | $200,000 | $350,000 | $675,000 |
| In Kind- Project Administration | $25,000 | $25,000 | ||
| Total Contribution | $150,000 | $200,000 | $350,000 | $700,000 |
As outlined above Administration is requesting that City Council approve $150,000 from the Park Community Partnerships Initiatives Project, (ID#7129015), in order to partner with RMBC and apply for the Grant. Securing these funds would mean the City will be able to achieve the complete build out the Miracle Park without further phasing. It should be noted that RMBC continues to raise donations towards the entire project as originally agreed to. Should RMBC or the City be successful in obtaining additional donations and or grants towards specific parts of the Park, the ability to reallocate City funding to additional elements of the Park will help to leverage those dollars to complete work currently identified in the overall masterplan for the Park.
RMBC has indicated that they intend to submit their own application for Jumpstart funding in the event that Council does not approve submitting a City-led application for Jumpstart funding. Should this occur, Administration requests an endorsement of the RMBC-led application, approval to issue a letter of support indicating as such, and approval to contribute towards the project through a payment to RMBC. This contribution would be calculated at 75% of the RMBC contribution toward the project and would be capped at $125,000.