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RFD- 3461 Public Delegations   Item #   5. a.    
Regular Council Meeting Agenda
Meeting Date: 11/26/2018  
Title:    Meridian Foundation Presentation - Cotterill
Department: Corporate Services  
Strategic Vision Element: Related Goal:

Information
Request for Decision Summary
Lori-Anne St. Arnault has requested to come before Council to make a presentation on behalf of the Meridian Foundation and is seeking Council's support for the Foundation's affordable housing project for seniors and emerging seniors.

Proposed Motion
At the November 26, 2018 Council meeting, The City of Spruce Grove was advised that the Meridian Foundation Board of Directors has unanimously passed a motion authorizing Meridian Foundation to borrow up to $6,000,000 for
construction financing and the completion of the Folkstone affordable housing project. This debt will be the responsibility of the Foundation and not The City of Spruce Grove. The City of Spruce Grove supports this affordable housing
project and the Foundation facilitating this loan.
Background/Analysis
The Meridian Foundation have provided the details of the Folkstone Affordable Housing project in the attached business plan and presentation. They are also requesting the City's support for the project through the proposed motion.
Options/Alternatives
n/a
Consultation/Engagement
n/a
Implementation/Communication
n/a
Impacts
n/a
Attachments
Meridian Foundation Presentation
Folkstone Affordable Housing Business Plan

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