Item - 2024.MM16.38
Tracking Status
- City Council adopted this item on March 20, 2024 without amendments.
MM16.38 - Authorization to Release Section 37 Funds from the Development at 871 to 899 College Street for Lakeview Avenue Parkette Improvements - by Councillor Alejandra Bravo, seconded by Deputy Mayor Ausma Malik
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 9 - Davenport
City Council Decision
City Council on March 20 and 21, 2024, adopted the following:
1. City Council increase the 2024-2033 Capital Budget and Plan for Economic Development and Culture by $200,000.00 gross, $0 debt, with cash flow commitments of $60,000 in 2024 and $140,000 in 2025, fully funded by Section 37 funds obtained in the development at 871 to 899 College Street (source account: XR3026-3701124), for completing streetscape improvements on Dundas Street West at the Little Portugal Toronto Business Improvement Area (WBS Element: CED104-63 - PAR Little Portugal).
Urgent - The reason for urgency is the BIA requires the funds to be released so the project can proceed in a timely manner before costs rise.
Background Information (City Council)
https://www.toronto.ca/legdocs/mmis/2024/mm/bgrd/backgroundfile-244375.pdf
Fiscal Impact Statement from the Chief Financial Officer and Treasurer
https://www.toronto.ca/legdocs/mmis/2024/mm/bgrd/backgroundfile-244515.pdf
Motions (City Council)
Speaker Nunziata advised Council that the provisions of Chapter 27, Council Procedures, need to be waived to permit introduction of Motion MM16.38. A two-thirds vote of Council Members present is required to waive notice.
Speaker Nunziata advised Council that the provisions of Chapter 27, Council Procedures, require that Motion MM16.38 be referred to the Executive Committee. A two-thirds vote of the Council Members present is required to waive referral.