TAMRMS#: B06
12.2
REQUEST FOR DECISION
title
Bylaw 13/2026 - NE Borrowing Bylaw (1st Reading)
Presented by: Stanley Chan, Manager of Financial Operations and Reporting, Department
label
RECOMMENDED MOTION(S)
recommendation
That Bylaw 13/2026, being a borrowing bylaw for Northeast Servicing, be read a first time.
body
SUMMARY
The Northeast Servicing project was approved by Council on April 21, 2026, and will complete the construction (Phase 2) of new wastewater, water, and storm servicing that will support and enable development in the northeast growth basin.
The cost of the project was estimated and approved at $74,054,000. The borrowing bylaw is recommended for $88,250,000, which includes a 25% borrowing buffer. The intent is to fund this project through borrowing with the Alberta Treasury.
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
On April 21, 2026 Council passed the following motions:
CM-26-005
1. That project charter, ENGS-089 (Formerly WASWT-021) - Northeast Servicing Projects is approved in the amount of $74.1 M to be financed as follows:
1) $3.5 M from the Off-Site Levy Water Reserve
2) $28.1 M from the Federal Build Communities Strong Fund (BCSF) and,
3) $42.5 M through debt financing through Debt Financing, with 93% of the annual debt servicing funded from the Off-Site Levy Recovery Fund and 7% funded through taxes.
AND
2. That the first reading of the borrowing bylaw is brought before council by May 5, 2026.
3. That Council add "Northeast Servicing Funding" as an Advocacy Priority to Council's 2026-27 Council Advocacy Priorities, to ensure completion of a funding agreement with all orders of government to secure $28.1 million for this project.
BACKGROUND AND DISCUSSION
The Northeast Servicing Project will bring forward the full suite of utility services (wastewater, water, and storm) to support the northeast development area. The Northeast Servicing Project will enable growth to continue withi...
Click here for full text