Next Steps

Due to the COVID-19 pandemic the public consultation was held off on this project as it would be difficult to introduce a new project and gather public feedback through virtual methods. As the pandemic evolves we are seeing the public adapt more to online methods and will move forward with public consultation to validate the background report, establish clear objectives and gather public comments. After public consultation staff will then prepare a draft CIP and proposed Official Plan Amendment and Zoning By-law Amendment and return to Council in November 2020.

Risk Analysis:

There is low risk associated with the approval of the subject report is low as it is for information purposes.

Financial Matters:

Any financial incentive programs attached to this CIP will require funding. If approved, this will be the sixth CIP administered by City staff. Council will recall that there are primarily two funding sources for the existing CIPs; capital projects/reserves and future property tax increments. As part of the 2020 budget approval process, City Council was provided with an update as to the number of applications and balances available within each of the funds to support ongoing applications within the five approved CIPs (Report C5/2020). As part of the financial incentive programs for this new CIP, Administration will review any existing funds which remain available with consideration to applications that have since been approved. Any redistribution of funding or requests for additional will need to be brought forward to City Council for approval as part of the 2021 budget process.

Any grants that are funded through the property tax increment is essentially foregone revenue to the City for a period of time. This currently can range from 5 years to up to 10 years. The time frames for receiving the grant is dependant upon the nature of redevelopment that is planned or proposed to meet the CIP objectives. This must be balanced against the need for the additional tax revenue to offset other important projects and initiatives.

Consultations:

Kristina Tang, Heritage Planner, Planning and Building Department

Jeff Hagan, Transportation Planning Senior Engineer, Transportation Planning

Anna Godo, Engineer III, Engineering Department

Conclusion:

Staff recommend that Council receive the Background Report for information. The Background Information will be used to develop the Community Improvement Plan incentive programs and policy recommendations.