To be introduced by Bill Sims, Director of Engineering and Public works
Purpose: To obtain Council's approval to proceed with the development cost share opportunity on Third Street for the upgrade of the road and watermain and to include in the 2018 - 2022 Financial Plan projects to complete the road upgrade and watermain replacement.
Recommendation:
The Finance and Audit Committee recommends that Council direct Staff to enter into a cost sharing agreement with the developer of 525 Third Street, for the work, and to allocate:
- $265,444 - Roads Development Cost Charge
- $50,000 - Private Contribution
- $74,250 - Water Development Cost Charge
- $50,750 - Water Reserves
- $59,556 - General Reserves