Item - 2008.EX24.5

Tracking Status

  • City Council adopted this item on October 29, 2008 without amendments.
  • This item will be considered by Executive Committee on October 6, 2008. It will be considered by City Council on October 29, 2008, subject to the actions of the Executive Committee.

EX24.5 - Toronto Waterfront Revitalization Initiative Five-Year Business Plan / Ten-Year Forecast (2008 - 2017)

Decision Type:
ACTION
Status:
Adopted
Wards:
All

City Council Decision

City Council on October 29 and 30, 2008, adopted the following motions:

 

1.         City Council approve the Five-Year Business Plan/Ten-Year Forecast (2008 – 2017) for the Waterfront Revitalization Initiative, subject to the City’s annual budget process and approval by the Provincial and Federal Governments of the same Plan.

 

2.         City Council authorize the revision of the City’s 2008 – 2017 Capital Plan for the Waterfront Revitalization Initiative to reflect the following cash flows: $42.164 million (gross)/$41.805 million (net) in 2008, $65.723 million (gross/net) in 2009, $71.364 million (gross/net) in 2010, $88.778 million (gross/net) in 2011, $48.345 million (gross/net) in 2012, and $72.324 million (gross/net) in 2013 to 2017.

 

3.         City Council approve the following gross/net adjustments to sub-projects within the 2008 Capital Budget for the Waterfront Revitalization Initiative, resulting in a reduction of $15.886 million (gross/net) for the year.  This will bring the revised 2008 Capital Budget for Waterfront Revitalization to $42.164 million (gross)/$41.805 million (net), with no impact to the City’s overall net commitment of $500.00 million for the Waterfront Revitalization Initiative:

 

i.          an increase to Precinct Implementation ($5.329 million); and

 

ii.          reductions to Union Station ($.035 million), Portlands Preparation ($.519 million), Port Union ($2.300 million), Mimico ($1.760 million), Transportation Initiatives ($.025 million), Naturalization of the Don River ($2.337 million), Pier 4 Rehabilitation ($0.200 million), Sports Fields, Facilities & Parks Development ($6.318 million), Financial Securities ($7.697 million), and Waterfront Secretariat ($.024 million).

 

4.         City Council authorize and direct appropriate City officials to take the necessary action to give effect thereto. 

Background Information (Committee)

(September 18, 2008) Report from Deputy City Manager Richard Butts - Toronto Waterfront Revitalization Initiative Five-Year Business Plan / Ten-Year Forecast (2008-2017)
https://www.toronto.ca/legdocs/mmis/2008/ex/bgrd/backgroundfile-15923.pdf

EX24.5 - Toronto Waterfront Revitalization Initiative Five-Year Business Plan / Ten-Year Forecast (2008 - 2017)

Consideration Type:
ACTION
Wards:
All

Origin

(September 18, 2008) Report from Deputy City Manager Richard Butts

Recommendations

It is recommended that Council:

 

1.         Approve the Five-Year Business Plan/Ten-Year Forecast (2008 – 2017) for the Waterfront Revitalization Initiative, subject to the City’s annual budget process and approval by the Provincial and Federal Governments of the same Plan.

 

2.         Authorize the revision of the City’s 2008 – 2017 Capital Plan for the Waterfront Revitalization Initiative to reflect the following cash flows: $42.164 million (gross)/$41.805 million (net) in 2008, $65.723 million (gross/net) in 2009, $71.364 million (gross/net) in 2010, $88.778 million (gross/net) in 2011, $48.345 million (gross/net) in 2012, and $72.324 million (gross/net) in 2013 to 2017.

 

3.         Approve the following gross/net adjustments to sub-projects within the 2008 Capital Budget for the Waterfront Revitalization Initiative, resulting in a reduction of $15.886 million (gross/net) for the year.  This will bring the revised 2008 Capital Budget for Waterfront Revitalization to $42.164 million (gross)/$41.805 million (net), with no impact to the City’s overall net commitment of $500.00 million for the Waterfront Revitalization Initiative:

 

a.         an increase to Precinct Implementation ($5.329 million); and

 

b.         reductions to Union Station ($.035 million), Portlands Preparation ($.519 million), Port Union ($2.300 million), Mimico ($1.760 million), Transportation Initiatives ($.025 million), Naturalization of the Don River ($2.337 million), Pier 4 Rehabilitation ($0.200 million), Sports Fields, Facilities & Parks Development ($6.318 million), Financial Securities ($7.697 million), and Waterfront Secretariat ($.024 million).

 

4.         Authorize and direct appropriate City officials to take the necessary action to give effect thereto.

Summary

The Toronto Waterfront Revitalization Corporation Act, 2002 which came into effect on April 1, 2003 requires that Waterfront Toronto (WT, formerly the Toronto Waterfront Revitalization Corporation) prepare annual rolling five-year business plans for approval by the Federal, Provincial and Municipal governments.

 

This report outlines the deliverables, funding requirements, and cost-sharing arrangements for Waterfront Revitalization over the next ten-year period (2008 to 2017) as reflected in the Five-Year Business Plan/Ten-Year Forecast for the Project developed by WT in partnership with officials from the three governments.  The current Plan forms the basis for the 2009 – 2018 Capital Program submission for the Waterfront Revitalization Initiative, and recommends a reduction to the 2008 Capital Budget in the amount of $15.886M (gross/net).

 

During 2008, WT undertook a cost estimation validation process to determine current, comprehensive costs and cash flows for the projects that are currently under way and within its mandate, which in turn necessitated the prioritization and re-phasing of initiatives to focus on:

 

a.         the development of the West Don Lands and East Bayfront precincts, and the Central Waterfront Public Realm;

 

b.         the development of a Regional Sports Complex/Sports and Recreation Node in the Portlands; and

 

c.         completing priority strategic projects that are already under way; and

showing significant progress in construction over the next five years.

 

The current Plan reflects the results of these processes.  As well, it includes funding for two Gardiner Expressway EAs, improvements in the central area of the Gardiner Expressway, and reallocates the unexpended funding previously provided for the Front Street Extension to various public realm projects.

 

In 2007, Council directed WT to develop a comprehensive revenue generation and financing strategy, including a business and financial plan for achieving Waterfront Revitalization in the Portlands.  This Strategy has been recently completed and will be reviewed by members of the Intergovernmental Steering Committee consisting of senior officials from the three orders of government in the Fall of 2008.  The current Plan includes the updated revenue/financing projections as presented in the Strategy.

 

Council also directed that a Memorandum of Understanding be developed with WT confirming deliverables for WT’s 2008/09 fiscal year on a project-by-project basis.  This document was executed in August 2008, and is based on the current Plan.

Financial Impact

Subject to the annual budget process, the recommendations in this report will result in the following cash flows for the City’s gross/net contribution to Waterfront Revitalization:  $42.164 million (gross)/$41.805 million (net) in 2008, $65.723 million (gross/net) in 2009, $71.364 million (gross/net) in 2010, $88.778 million (gross/net) in 2011, $48.345 million (gross/net) in 2012, and $72.324 million (gross/net) for the period 2013 to 2017.

 

The City’s overall contribution to the Waterfront Revitalization Initiative will remain at $504.200 million (gross)/$500.000 (net).  This includes $115.501 million (gross)/ $111.661 million (net) already incurred to the end of 2007 and an amount of $17.513 million (gross/net) incorporated in years 6 to 10 that is not allocated to specific tasks at this time, but is intended for the completion of the Water’s Edge Promenade, and transit initiatives.

 

During its deliberations on the staff report entitled “Streamlining Waterfront Revitalization in East Bayfront” at its July, 2007 meeting, Council directed that $15.000 million (gross/net) of the City’s contribution to Waterfront Revitalization be held “in reserve” to cover any third party claims that may arise against TEDCO or the City associated with the transfer of certain lands in East Bayfront from TEDCO to the City. Council further directed WT is to replace this “reserve” with revenues from the development of lands in East Bayfront by December 31, 2010.  As indicated above, the total unallocated funds in the proposed Five-Year Business Plan/ Ten-Year Forecast (2008 – 2017) is $17.513 million (gross/net), and staff will ensure that this balance does not fall below the $15.000 (gross/net) threshold.

 

The 2008 approved Capital Budget for Waterfront Revitalization will be reduced by an amount of $15.886 million (gross/net), with no impact to the City’s overall net commitment of $500.00 million for the Initiative. One of the recommended changes is a reduction of $0.200 million (gross/net) for the Pier 4 Rehabilitation project which was completed at approximately $0.200 million below budget; the unspent funds will be refunded to the City by WT and applied into the City’s Strategic Infrastructure Reserve Fund to fund other Waterfront projects.

 

The Deputy City Manager and Chief Financial Officer has reviewed this report and agrees with the financial impact information.

Background Information

(September 18, 2008) Report from Deputy City Manager Richard Butts - Toronto Waterfront Revitalization Initiative Five-Year Business Plan / Ten-Year Forecast (2008-2017)
https://www.toronto.ca/legdocs/mmis/2008/ex/bgrd/backgroundfile-15923.pdf
Source: Toronto City Clerk at www.toronto.ca/council