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Bylaws   Item #
Regular Council Meeting Agenda
C-1087-19 - First Reading - Borrowing Bylaw - Local Roads Projects - 2019 - Pungur-Buick
Strategic Vision Element:
Where People Choose to Live - A dynamic city with an exceptional quality of life
Request for Decision Summary
This request for decision will provide first reading to borrow up to $1,000,000 for local roads projects in 2019. This project is being recommended in light of project savings on the Storm System Update project for 2019.
That first reading be given to Bylaw C-1087-19 Borrowing Bylaw - Local Roads Projects - 2019.
The 2019 - 2021 Corporate Plan included $3,850,000 for the 2019 Storm Sewer Upgrades. This approval allowed for borrowing $3,850,000 and funding debt payments from the Utilities budget beginning in 2020.
Once tenders were awarded, a total project cost of $2,135,000, was needed in order to complete the projects. A borrowing bylaw for $2,200,000 for Storm System Upgrades was given first reading at the June 10, 2019 meeting of Council. This leaves $1,650,000 in remaining approved funding from the 2019 Storm System Upgrades project. Administration presented to Committee of the Whole on June 17, 2019 the possibility of undertaking $1,000,000 of local roads projects in 2019 to make use of the remaining funding. The road projects suggested include:
Bylaw C-1087-19 would allow for completion of the suggested projects. This bylaw would allow for borrowing $1,000,000 and would require funding debt payments from Taxation beginning in 2020. McLeod Avenue from Jennifer Heil Way to west of the Nelson Drive roundabout and from east of that roundabout to the most easterly access to Westland Market Mall;
Grove Meadows Drive from east of Greystone Drive to Grassview Crescent;
Guenette Crescent and Guenette Place; and
Grassview Close and Grassview Crescent from Grove Meadows Drive to Greenwood Drive.
The City would not enter into this bylaw and would leave the road work until next year which would result in the road conditions deteriorating even further and more maintenance money needing to be spent.
This bylaw will be advertised in local papers June 28, 2019 and July 5, 2019. A fifteen day petition period will be allowed until July 20. Second and third reading will be brought to Council on August 12.
Funds will be secured to complete the needed road maintenance in 2019.
Alberta Capital Finance Authority rate for 20 year borrowing at time of writing is $2.614%. The borrowing was included in the 2019 budget through approval in the Corporate Plan which contemplated a payment structure that began payments from Utilities in 2020. Due to the nature of the project being undertaken, this bylaw will require a payment structure that begins payments from Taxation in 2020.