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General Committee - Monday, October 18, 7pm

Updated: Nov 18, 2022

Highlights of this meeting include approving the Water Asset Management Plan, and a renegotiation of the BIA's unpaid $2,347,613 commitments to the city for the Dunlop Streetscape and Meridian Place projects

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๐Ÿšฐ๐Ÿญ Presentation: Water Asset Management Plan

๐Ÿšฐ๐Ÿญ Approval of Water Asset Management Plan

๐Ÿฆ๐Ÿค Downtown Barrie Business Association (BIA) Financial Commitments

  • Staff Report:

  • Renegotiating the BIA's financial commitments associated with the Dunlop Streetscape ($300,000) and Meridian Place ($3,351,775) projects โ€“ of which $2,347,613 (over 70%) is still outstanding.

  • Current agreement is to pay the remaining funds over 10 years beginning in 2022, at 4.25% interest.

  • No payment has been made towards the Dunlop Streetscape commitment

  • $1,675,887 was supposed to have been paid by special BIA levy, and $1,675,888 by BIA fundraising

  • The special levy has not been used to pay down the BIA's debt, but $162,941 of additional fundraising commitments have been put towards this portion, bringing the outstanding levy amount owed to $1,512,946

  • The BIA has fundraised $1,838,829 โ€“ however, only $1,304,162 of that has been paid to the city, leaving $534,667 (which it appears are pledges that have not yet been collected)