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TO: |
Mayor and Members of Council |
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FROM: |
Joel Lustig, Director of
Financial and Client Services |
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PREPARED BY: |
Fred Rich, Business Analyst |
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DATE OF MEETING: |
2006-04-03 |
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SUBJECT: |
Transfer of Gas Tax Funding
to Markham District Energy Inc. |
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RECOMMENDATION:
THAT the report dated April 3, 2006 entitled “Transfer of Gas Tax Funding to Markham District Energy
Inc.”
be received.
AND THAT the Treasurer be authorized to transfer, as a grant, $500,000
to Markham District Energy Inc. (M.D.E.I.).
PURPOSE:
The purpose of this report is
to obtain approval to transfer, as a grant, $500,000 of Gas Tax Funding to
M.D.E.I..
BACKGROUND:
At the January 9, 2006 Budget Sub-Committee meeting,
the Committee allocated the 2005 & 2006 Gas Tax funding to various 2006
capital projects. One of the projects identified was an M.D.E.I. project as mentioned
in the following section of the Budget Sub-Committee minutes.
“Members
discussed the $500,000 allocation for Markham District Energy under the gas tax
heading of “Community Energy Systems”. Staff advised that the $500,000 of gas
tax funding for Markham District Energy is in as a placeholder subject to a
future Council presentation and Council approval to release the funds.”
Town
staff discussed the transfer of Gas Tax Funding to M.D.E.I. with Association of
Municipalities of Ontario (AMO). AMO informed the Town that the transfer complies
with the Municipal Funding Agreement, the agreement regulating the Gas Tax
funding, and that the funds transferred to M.D.E.I. will still be governed by
requirements of the Municipal Funding Agreement.
At the request of the Town, the President of M.D.E.I.
identified that the Gas Tax funding will
be applied to the completion of the Remington Homes district energy connection
currently under construction in Downtown Markham.
Based on the information
received from AMO and M.D.E.I, Town staff recommend that the Treasurer be
authorized to transfer, as a grant, $500,000 to Markham District Energy Inc.(M.D.E.I.).
FINANCIAL CONSIDERATIONS:
Town staff recommend that the
Treasurer
be authorized to transfer, as a grant, $500,000 to Markham District Energy Inc.(M.D.E.I.).
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Barb Cribbett, Treasurer |
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Andy Taylor, Commissioner of Corporate Services |
Q:\Finance and Administration\Finance\SHARED\2006
General Committee Finance\Transfer of Gax Tax Funding to MDE April 3.doc
