NM 2012 SEPTEMBER 20
RE: GREEN TRIP FUNDING
ALDERMAN SHANE KEATING
WHEREAS Council has approved Partial Green Trip funding intended for the purpose of a $2 million dollar Transit Oriented Development (TOD) study and a $10 million dollar functional study for the Southeast Transitway (SETWAY Pre-design);
AND WHEREAS The City has not received Green Trip application approval from the Province;
AND WHEREAS the SETWAY Pre-design and the TOD study need to proceed in order to assess the full potential of the SE corridor;
1) NOW THEREFORE BE IT RESOLVED that Administration be directed to work with the Province to (i) obtain approval for the Green Trip application, and (ii) obtain consent from the province to allow The City to implement a bridge financing solution for the TOD study and SETWAY Pre-design if Green Trip funding is not forthcoming in 2012;
2) AND BE IT FURTHER RESOLVED that Administration be directed to determine if the Reserve for Future Capital can be used as the source for such bridge financing,
3) AND BE IT FURTHER RESOLVED that if the Reserve for Future Capital can be used as the source of bridge financing, Administration it is authorized to allocate $12 million from the Reserve for Future Capital as the source of the bridge financing, with such bridge financing to be repaid to the Reserve for Future Capital once the Province delivers Green Trip funds to The City.
The Green Trip funding Notice of Motion was a concerted effort to move forward with work on the SETWAY.
The Province has already approved the $12 million within the previously submitted Green Trip application and currently The City of Calgary is awaiting a date in which the money will be disbursed to the City.
After much debate items