-
Repayments can be made at any time in any amount, however minimum monthly payment of interest owing is required which is due within 10 business days from receipt of notice. Notice to be provided by City Finance each month.
There would be no additional cost to the Tunnel in order to make this open line of credit available.
Consultations:
Carolyn Brown, CEO Windsor Detroit Borderlink Limited
Joshua Meloche, Legal Counsel
Conclusion:
Securing an open line of credit from the City as its sole shareholder will allow WDBL an extra layer of cash flow protection as the Tunnel continues to adjust its expense lines and capital investments in order to meet its ongoing obligations during this pandemic and when the recovery begins. It will also be available on an ongoing basis as needed should traffic volumes be impacted as a result of a future unforeseen situation.
Planning Act Matters:
Approvals:
| Name | Title |
|---|---|
| Shelby Askin-Hager | City Solicitor |
| Janice Guthrie for | CFO & City Treasurer |
| Onorio Colucci | CAO |
Notifications:
| Name | Address | |
|---|---|---|
Appendices: