Risk Analysis:

There is little risk in releasing the funding for this project. When the land was transferred to WUC, the City was paid a sum of $568,000 that was to be used to redevelop the north portion of the park for the benefit of the community. By not releasing these funds, the redevelopment cannot happen.

Financial Matters:

The scope of the work for the redevelopment of George Avenue Park was identified in a report to Council on February 22nd, 2016 that included an AODA- compliant playground, a picnic/shade shelter, half-court basketball court, walking paths, lighting, parking lot and benches. These costs have been estimated at $679,786 (as detailed below) for the park development not including the $340,100 for the playground which was previously approved via CR 539/2017 within Council Report C142/2017.

Description	Costs
Pathways, Sidewalks and Signage	$92,300
Landscaping, Site Furnishings and Lighting	$96,000
Sports Court	$165,000
Shelter and Pad	$85,000
Parking Lot	$120,000
Subtotal Costs Pre Contingency and Administration	$558,300
Project Management Costs andAdministration (Including NonRecoverable HST)	$65,656
Contingency @10%	$55,830
Total Park Redevelopment Costs	$679,786