11-22-2020, 03:47 PM
From the May 2020 document (COR-FFM-20-05) (I don't see anything newer on financing but I'm not sure where to look):
Quote:Funding Sources for Increased Project Cost
The current design of the King Victoria Transit Hub is estimated to be in the range of $85.2 million (base standalone building design) - $133.6 million (full design with recommended options). The amount provided for by the previous agreement with the MTO was $43 million: $33 million for the Region’s scope and $10 million for Metrolinx scope. Subject to Council approval, incremental cost will be reflected in the 2021-2030 capital program based on design selection. Several potential funding sources have been identified for the incremental cost of this project, including:
•Request additional funding from province
•ICIP funding
•Development charges (debt financing)
•Property taxes (debt financing)
•Third party contributions
•FCM Green Municipal Fund (grant/loan)
The Province previously recognized the significant regional importance of this project in the overall ‘Two way all day GO’ passenger rail service strategy and committed to funding 100% of the project as previously contemplated. It is proposed that staff be directed to pursue additional funding from the federal and provincial governments based on increased cost and project scope. Staff will also pursue alternate funding sources if appropriate and make applications according to program eligibility as funding streams are made available. In the absence of sufficient additional funding, staff will bring back alternatives for Council’s further consideration.