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Recommendation: That, on the recommendation of the Director, Corporate
Investments and Partnerships, the following actions be taken for the purpose
of advancing the proposal associated with a mixed-use
development including a Performing Arts Centre:
a)
the amount of up to $75,000, previously identified for
the development of the proper Business Plan, BE APPROVED, to retain
Novita to perform a thorough review of the business plan submitted by the
project proponents;
b)
the
proposed Performing Arts Centre (PAC) Business Plan development approach, as
outlined by the Civic Administration on pages 7 and 8 of the staff report
dated February 24, 2014, BE ENDORSED;
c)
the Civic Administration BE DIRECTED to review the formal
business plan submitted by the project proponents, as also noted in part a),
above, and present the findings to the Investment and Economic Prosperity
Committee for further direction; and,
d) the Managing Director, Corporate Services and City
Treasurer, Chief Financial Officer BE DIRECTED to explore alternate
sources of funding and to report back to the Investment and Economic Prosperity
Committee (IEPC) prior to the 2015 Budget process; it being noted that if no
alternate sources are available or approved by Municipal Council, a tax
increase will be recommended to be added to the 2015 Budget to support this
project;
it being further noted that the above-noted actions will be subject to the
acceptance of an appropriate business plan;
it being noted that the IEPC reviewed and received a
communication dated February 24, 2014 from B. Brock, with respect to this
matter.
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