Guelph, On, May 16, 2014 – A meeting of Guelph City Council scheduled for May 28 will be rescheduled. The meeting was intended as follow up to a February Council meeting about the Guelph Economic Investment Fund.
City staff needs about 10 more days to finalize affordable, practical recommendations to Council, mostly with respect to the Baker Street “pro-forma”—a financial and program plan for the proposed Baker Street development. More time is required on account of factors that have come into play since the February meeting. Namely:
- The Province of Ontario has made known specific criteria for its request for proposals from post-secondary institutions which wish to undergo major capacity expansions. The criteria have spurred increased competition, which is having an effect on the amount of financial support the City would need to contribute to be successful.
- A potential change in provincial government raises questions about the Province’s future plans for the post-secondary sector, and for regional GO Transit infrastructure. The latter is tied to the City’s plans for parking in the downtown which is part of what staff will deliver to Council at the meeting.
- Finally, the court’s recent ruling in the Urbacon case will create pressure on the City’s capital planning schedules. Staff is making adjustments in light of this decision and its impacts.
City staff will announce a new meeting date as soon as one is confirmed.
For more information
Executive Director/Chief Financial Officer
Finance and Enterprise Services
Corporate Manager, Corporate Communications
519-822-1260 extension 2610