crs1026
Superstar
What is the latest on the financing on that? It was due November, I've lost track of that. ST only complicates things anyway. I
How quickly we lose track of the details, eh? Such a blur.
City Council last gave its direction re ST on November 8 2016. At that time, the project approval was described via a series of gates. Gate #2 is complete.
Gate #3, which was the gate approved in November, is to proceed with detailed design and EA preparation.
The next gate, which is
"Approve draft Environmental Project Report and give notice to proceed to TPAP", is Q3 2017.
The following Gate, which is
"Approval of Procurement Process and Capital Construction Budget" is Q2 2018.
Staff have the authority to negotiate with ML and others re costs, but the reportback to Council and approval point for the funding isn't until Gate 5, or Q2 2018.
EDIT: Actually, they have to report back on potential funding sources with the Q3 2017 report.
29. City Council direct the Deputy City Manager and Chief Financial Officer to:
a. advance the development of the capital funding and financing strategy for SmartTrack, consisting of a combination of municipal tax increment, development charges, tax-supported debt financing, and other potential revenue sources such as asset sales;
b. engage capital market and legal consulting expertise in assessing the appropriate debt structure for financing the SmartTrack project; and
c. report back to Council with the implementation of this recommended strategy once the capital cost estimates have been refined to a Class 3 level and Council confirms its definitive commitment to the project.
In political space, that gives Council a whole further year of grandstanding, bickering, circling back, and deferring taking a stand before they have to talk seriously about how to find money for ST.
The timeline for Eglinton West LRT is at least a year further down the road.
- Paul
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