Item No. 11.1
Council Report: C 114/2020
Subject: Request to establish an Open Line of Credit between Windsor Detroit Border Link Limited and The Corporation of the City of Windsor
Reference:
Date to Council: July 27, 2020Author: Janice Guthrie
Deputy Treasurer, Taxation and Financial Projects
jguthrie@citywindsor.ca
(519) 255-6100 Ext 6271
Taxation & Financial Projects
Report Date: June 2, 2020
Clerk’s File #: AF/13862
To : Mayor and Members of City Council
Recommendation:
That City Council APPROVE Administrat ion’s recommendation to e stablish an open line of credit, to be provided by The Corporation of the City of Windsor to a maximum amount of five million dollars ($5,000,000) to its wholly owned subsidiary, Windsor Detroit Borderlink Limited; and
That the CAO and City Clerk BE AUTHORIZED to execute an agreement and any related documents with Windsor Detroit Borderlink Limited, satisfactory in technical and financial content to the Deputy Treasurer, Taxation and Financial Projects and in legal content to the City Solicitor or designate.
That the City Solicitor or designate BE AUTHORIZED to prepare and register the appropriate security documents as part of the recommendations noted above.