TAMRMS#: B06
9.1
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Bylaw 35/2021 - Solar Farm Borrowing Bylaw (1st Reading)
Presented by: Diane McMordie, Director, Financial Services & Information Technology/CFO
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RECOMMENDED MOTION(S)
recommendation
That Bylaw 35/2021, being a Borrowing Bylaw to design and construct a Solar Farm, be read a first time.
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PURPOSE OF REPORT
To start the process of securing debenture financing for the construction of a Solar Farm on the City owned Badger Land in northwest St.Albert.
ALIGNMENT TO PRIORITIES IN COUNCIL’S STRATEGIC PLAN
Strategic Priority #4: Infrastructure Investment: Identify and build needed capital assets.
Related Corporate Business Plan Initiative: Identify and recommend opportunities for investment in long-term revenue generating infrastructure.
ALIGNMENT TO LEVELS OF SERVICE DELIVERY
N/A
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
On August 17, 2020 Council passed the following motions:
(CB-20-054)
1. That $200K be funded from the stabilization reserve to support the preliminary and detailed design requirements of the full-scale Solar Farm.
2. That Administration provide an update to Council, upon the completion of the detailed design of the Solar Farm, by Q2 2021.
3. That a borrowing bylaw be brought forward to support the implementation of the presented Solar Farm Business Case in 2021.
4. That the back third of the Badger Lands to be allocated to support the long-term development of solar as a green industry within the City.
5. In 2021, Administration be directed to bring back a report to rescind all previous Council motions pertaining to the Badger Lands that are not consistent with dedication of those lands to development of a solar power industry in St. Albert.
BACKGROUND AND DISCUSSION
To ensure flexibility to deal with unanticipated events, it is our standard practice to secure a borrowing bylaw with a 25% contingency added to the approved projects total. While the borrowing byl...
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