Title
Bylaw 2022-05 - Infrastructure Borrowing - TWP Road 531A (114 Avenue) Widening
Proposed Motion
1. That Bylaw 2022-05 receive second reading.
2. That Bylaw 2022-05 receive third and final reading.
Body
Administration Recommendation
Administration supports the proposed motion.
Purpose
To comply with Sections 251 and 258 of the Municipal Government Act that require Council to pass a bylaw to facilitate long-term borrowing of funds.
Summary
In 2018, 114 Avenue was widened to 4 lanes between 266 street and 261 street, including significant upgrades to Hwy 60 intersection. This project will continue the widening of 114 Avenue to the east of 261 street. With traffic volume growth expected to increase in this area, this project will address safety issues and maximize operations along the road segments.
The cost of the infrastructure is not to exceed $2,200,000 and will be accommodated by debt borrowing. The anticipated interest rate is to be determined but is not to exceed 10 percent over a 20 year term, as outlined in Bylaw 2022-05. The repayment of the indebtedness for the levy-able infrastructure, plus any interest expenses, is to be managed through the collection of off-site levies as development within the benefiting area progresses.
Administration will use an authorized financial institution or organization to facilitate the debt needs.
First reading of the bylaw was given on April 26, 2022. As per the requirement of Section 606 of the Municipal Government Act, advertising of Bylaw 2022-05 was placed in the Friday, May 13, 2022 and Friday, May 20, 2022 editions of the local paper. No valid petitions or public input were received at the time this report was written.
Bylaw 2022-05, if approved, will fulfill the terms and conditions represented within the Municipal Government Act for long-term borrowing.
Strategic Plan/Policy/Legal/Staff Implications
Bylaw 2022-05 meets the eligibility requirements of the Municipal Government Act - Section 258
Financial Impact:
Cost: $2,200,000
Source of Funding: Debt