Posted by: HamptonIona | February 11, 2011

Update on Convent Land Funding Options

A message from Lorne Cutler, President of HICG:

In my earlier note, I had outlined a number of financing options for acquiring park land that the community groups had suggested to the Councillor.  I have just been advised by a City Hall insider, that there is another potential source of financing that we did not know about and one that no one told us about (to be fair to our Councillor, she is probably too new to know about this potential source of funding).  That being said, Peter Hume does know about it and never raised it with any of us.

It turns out that there was a fund established under the Development Charges to address urban core issues. This fund was established to address the fact that not enough development charges were coming into the inner core (perhaps because development charges for the core were lowered or waived at one time to encourage development), even though so much development was happening in the core.  A $6M fund was developed to address this imbalance and can be one of the sources of funds that should be available to us (I don’t know how much is still in this pot).   It is in fact money that has already been set aside by the City for such occasions as the need to increase parks space as areas intensify.

Peter Hume has not mentioned this fund even though he chaired the Development Charges sub-committee when this fund was established. I was advised that this is solely a fund for the urban core wards such as Kitchissippi and will not impact on the availability of development funds for the suburbs.

This is another potential source of funding, if accessed would lower the amount of any tax levy that might ultimately be required.

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