Title
Bylaw 2024-10 - Meridian Housing Foundation Spruce Grove Lodge Borrowing and Lending
Proposed Motion
1. That Bylaw 2024-10 receive second reading.
2. That Bylaw 2024-10 receive third and final reading.
Body
Administration Recommendation:
Administration supports the proposed Bylaw, as presented.
Purpose:
In accordance with Sections 251, 258 and 265 of the Municipal Government Act, Council is required by Bylaw to facilitate long-term borrowing of funds and lending of funds to a not-for-profit organization.
Summary:
The Meridian Housing Foundation (MHF) provides lodge accommodations for functionally independent seniors who need supports for daily living tasks such as meals, housekeeping and laundry, and who may not want to live alone. These supported living units are for low to moderate income seniors who cannot afford private options. The Meridian Housing Foundation is proposing up to 102 units in a supported living lodge in Spruce Grove.
On March 29, 2022 Council approved Meridian Housing Foundation's (MHF) request for a capital project contribution of up to $5,330,450 for the development of the Spruce Grove Lodge, contingent on receipt of the full provincial funding request. (RFD 22-071). Provincial funding for the project has since been confirmed. The County will borrow the required funds at a rate not to exceed 10% and a term not to exceed 20 years, per the terms of Bylaw 2024-10. The funds will flow through to the Meridian Housing Foundation. Repayment of the funds will come via a separate senior's capital requisition for principal and interest which will match the amortization schedule of the County's borrowing.
Bylaw 2024-10 received first reading on March 26, 2024. As per the requirement of Section 606 of the Municipal Government Act, advertising of Bylaw 2024-10 was placed in the Friday, April 5, 2024 and Friday, April 12, 2024 editions of the local paper. No valid petitions or public input were received at the time this report was written.
Strategic Plan/Policy/Legal/Staff Implications:
Supporting Complete Communities strategic pillar and executed under Municipal Government Act Sections 251/258/265/606
Financial Impact:
Cost: $5,330,450
Source of Funding: Debt