Title
Meridian Housing Foundation Request for Funding Support
Proposed Motion
That Council approve the Meridian Housing Foundation borrowing of up to $2,100,000 over 20 years in support of office space purchase in the Town of Stony Plain located at 4900, 4904, and 4908 53rd Avenue, Stony Plain, as presented.
Body
Administration Recommendation
Administration supports the direction from Council after review and consideration for the request for funding support, as presented.
Purpose
At the April 27, 2021 Council meeting, Meridian Housing Foundation presented consideration for request for funding support. The Meridian Housing Foundation has scheduled to present at this meeting the request for funding support for Council's consideration.
Summary
At the April 27, 2021 Council meeting, Meridian Housing Foundation presented to Council a requirement for office space and request for funding. Council passed the following motions:
"A motion was made by Council Member McNab that Meridian Housing Foundation meet all the following requirements and bring back to Parkland County Council for decision:
1. Parkland County Major Capital Cost Share Funding Policy C-AD52 must be followed.
2. A specific detailed funding model for the yearly office space costs moving forward that each municipality will be responsible for over the next 20 years.
3. That Meridian Housing Foundation present their 2021 budget to Parkland County Council for approval and annually all yearly budgets moving forward.
The motion carried unanimously."
Strategic Plan/Policy/Legal/Staff Implications:
Complete Communities: recognize the diversity of Parkland's communities, while fostering a united and shared vision for Parkland as a whole.
Responsible Leadership: maintain the public's trust through transparent and fair decision-making, superior service delivery, and effective communication
Financial Impact:
Cost:
Source of Funding: