Risk Analysis:

As with all brownfield sites, there is a degree of risk associated related to the potential presence of contamination. There is also risk associated with the inability to obtain a traditional mortgage for the property. The proposed study will assist in mitigating these risks. As already indicated, the City would retain a copy of the study for future reference.

Financial Matters:

The cost estimate (excluding HST) for completing the proposed Phase II ESA is $16,000. If approved the requested grant programs would provide a maximum of $8,000 toward the completion of the study. Should the actual costs of the study be less than what has been estimated the grant payments would be based on the lower amount. The grants would be paid out of the Brownfield Strategy/Remediation Account (project # 7069003), which has a current uncommitted balance of $633,083.

Consultations:

The development and approval of the Brownfield Redevelopment CIP was subject to extensive stakeholder and public consultation, which sought input from a wide range of stakeholders and internal City departments.

Planning staff have consulted with the applicant prior to accepting the application for the Environmental Study Grant programs. Staff from the Planning, Finance, and Legal Departments were consulted in the preparation of this report.

Conclusion:

City Staff recommend Council approve the request from Celernus Investment Partners Inc. to participate in the Environmental Site Assessment Grant Program. In the opinion of planning staff, the proposed study conforms to the Brownfield Redevelopment CIP and assists the City in the achievement of a number of the CIP goals.

Planning Act Matters:

N/A