Item - 2023.MM11.18
Tracking Status
- City Council adopted this item on October 11, 2023 without amendments.
MM11.18 - Authorization to Release Section 37 and Section 42 Above 5 percent Cash-in-lieu Funds for Lighting Improvements to the Village of Yorkville Park - by Councillor Dianne Saxe, seconded by Councillor Paul Ainslie
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 11 - University - Rosedale
City Council Decision
City Council on October 11 and 12, 2023, adopted the following:
1. City Council amend Parks, Forestry and Recreation's 2023 Capital Budget and 2024-2032 Capital Plan to create a new capital sub-project known as the Village of Yorkville Park Lighting Improvements in the Park Development project, with a project cost $560,000 gross and $0 debt, and cash flow commitments of $460,000 in 2024 and $100,000 in 2025, fully funded by $555,501 in Section 37 and $4,499 in Section 42 Above 5 percent Cash-in-lieu funds obtained from the developments in the chart below for lighting improvements to the Village of Yorkville Park.
|
Development Location |
Funding Source |
Account |
2024 |
2025 |
Total |
|
|
836-850 Yonge Street and 1-9A Yorkville Avenue |
Section 42 Above 5 percent Cash-in-lieu |
XR2213-4200726 |
$4,499.00 |
|
$4,499.00 |
|
|
94 Cumberland Street |
Section 37 |
XR3026-3700534 |
$219,106.41 |
|
$219,106.41 |
|
|
94 Cumberland Street |
Section 37 |
XR3026-3700708 |
$196,093.59 |
|
$196,093.59 |
|
|
1-11 Bloor Street West, 768-784 Yonge Street, and 760-762 Yonge Street |
Section 37 |
XR3026-3701061 |
$40,301.00 |
$100,000.00 |
$140,301.00 |
|
|
|
Total |
$460,000.00 |
$100,000.00 |
$560,000.00 |
||
Background Information (City Council)
https://www.toronto.ca/legdocs/mmis/2023/mm/bgrd/backgroundfile-239688.pdf
Fiscal Impact Statement from the Chief Financial Officer and Treasurer
https://www.toronto.ca/legdocs/mmis/2023/mm/bgrd/backgroundfile-239843.pdf
Motions (City Council)
Speaker Nunziata advised Council that the provisions of Chapter 27, Council Procedures, require that Motion MM11.18 be referred to the Executive Committee. A two-thirds vote of the Council Members present is required to waive referral.