Assuming that the City is successful in the grant application and receives the entire request of $3,032,066, anticipated net costs to the City will total $3,967,934, which are inclusive of $3,032,066 in City-funded eligible costs and $935,868 in ineligible costs.

The $3,967,934 in City funding is recommended to be funded as follows:

$2,000,000 already approved by Council through CR B30/2019 as part of the Central Riverfront Improvement project, and;

Pre-commitments of $300,000 in each of 2022 and 2024 in Pay-As-You-Go funding from the Grant Matching and Inflationary Pressures project, FIN-001-19, and;

Pre-commitments of $954,000 in 2023 Pay-As-You-Go funding and $413,934 in 2024 Pay-As-You-Go funding from the Central Riverfront Park Improvements project.

Preliminary estimates from the consultant indicate that, if the project scope were reduced to exclude the Streetcar building, net costs to the City would total approximately $4,000,000. Without the Streetcar element to this project, the project would not qualify for grant funding from the CCSF and the City would bare the full cost to complete the work. There is also no alternative grant currently available which could be pursued for the entire project with or without the Streetcar. If the Streetcar were removed from this project, the City would also need to determine a location for the Streetcar to be placed, which would likely result in additional costs to properly present and preserve the Streetcar. It is also noted that the washrooms currently nearby are old and would need to be replaced in the very near future, while the next closest ones have already been closed due to disrepair. For reference the Alexander Park washrooms have a cost of approximately $600,000 based on 2019 pricing and less challenging location characteristics. With this in mind, it would appear that by including the Streetcar element to this project and applying for support from the CCSF that the City could complete the Streetcar element of this project for little to no additional cost.