Title
Emerging Capital Project - Acheson Intersections - 2025 Funding Request
Proposed Motion
That Council approve up to $4,500,000 in expenditures for the Emerging Capital Project - Acheson Intersections project to be funded by Developer Recoveries Restricted Surplus.
Body
Administration Recommendation
Administration supports the proposed motion, as presented. Approval of this funding enables Administration to fully complete the project and fund all existing commitments made.
Purpose
To finalize all remaining construction activities for the Acheson Intersections project in 2025.
Summary
The initial project was estimated at $18,500,000, spread out over multiple years. Of this amount, $14,000,000 was funded through the Prairies Canada Economic partnership and Restricted Surplus. The remaining $4,500,000 was approved as a multi-year project under RFD 24-072. This funding is now required to meet all existing commitments for the project and ensure timely payment of invoices for costs incurred to date, as well as for pending costs as we complete the total project. Total project completion is anticipated by July 2025.
Historical Information:
RFD 24-072
Strategic Plan/Policy/Legal/Staff Implications:
Pillar A: Complete Communities: Goal A1: To ensure that County infrastructure meets the needs for residents, businesses, and industry.
Pillar B: Strategic Economic Diversification: We support the continuation and evolution of traditional economic activities, while pursuing new opportunities for diversified and sustainable growth.
Pillar D: Responsible Leadership: We maintain the public's trust through transparent and fair decision-making, superior service delivery, and effective engagement.
Financial Impact:
Cost: $4,500,000
Source of Funding: Developer Recoveries Restricted Surplus