TAMRMS#: B06
title
Bylaw 24/2017 - Borrowing Bylaw for Branch Library - 1st Reading
Presented by: Diane McMordie, Director of Financial Services
label
RECOMMENDATION(S)
recommendation
That Bylaw 24/2017, Being a Borrowing Bylaw to finance the Construction of the Branch Library, be read a first time.
body
PURPOSE OF REPORT
During the 2017-2019 budget deliberations, Council approved the advancement of a new Branch Library and approved funding through debt financing. The cost of the project is currently estimated at approximately $20 million dollars (including the cost of land) based at a conceptual design level. The intent is to fund this project through a 20 year debenture with the Alberta Capital Finance Authority (ACFA).
COUNCIL DIRECTION
On March 13, 2017 Council passed the following motions:
INC-17-014
That the City Manager be authorized to negotiate purchase of lands for the Community Branch Library as per recommendation 1 contained within the Confidential Administrative Report entitled “St. Albert Branch Library - Proposed Location”, provided as an attachment to the March 13, 2017 Standing Committee of the Whole Agenda Report titled “Land Matter”.
That Administration report back to Council the result of negotiations by May 23, 2017.
On December 12, 2016 Council passed the following motion:
AR-16-485
That the 2017 Municipal Operating Budget, in the amount of $148.8 million detailed in the attachment titled “2017 Municipal Operating Budget” be approved.
That the 2017 Municipal Capital Budget, in the amount of $55.2 million detailed in the attachment titled “2017 Municipal Capital Funding” be approved.
That the 2017-2019 Business Plans, provided as part of the Proposed 2017 Budget document, be approved.
PM68a-2017
That OA-005 Community Library Branch in the amount of $17,492,159 be advanced and funded through debt servicing; and that Administration be directed to prepare, for Council consideration, the required borrowing bylaw(s) in acc...
Click here for full text