Project funding (City Hall and Provincial Offences)
Item |
Amount |
Approved budget |
$54,850,100 |
Plus: unbudgeted additional funding |
$1,783,248 |
A. Total project funding |
$56,633,348 |
Project expenses (City Hall and Provincial Offences)
Item |
Amount |
Project cost |
$56,968,414 |
Settlement costs
Item |
Amount |
Urbacon Limited |
$6,635,000 |
HST |
$495,450 |
Input Tax Credit |
($451,186) |
Aviva Insurance Company of Canada |
$100,000 |
Moriyama & Teshima Architects |
($150,000) |
Money paid back from lien claims |
($828,427) |
Total settlement costs |
$5,800,837 |
Legal fees |
$2,300,484 |
B. Total project cost |
$65,069,735 |
Additional cost to the City (B – A): $8,436,387
Funding the additional cost
Item |
Amount |
Legal/OMB Reserve |
$1,693,100 |
Capital Tax Reserve |
$1,500,000 |
Capital Asset Renewal Reserve |
$5,243,287 |
Total |
$8,436,387 |