Item 7.1 - Report PDS-003-22 - Courtice Community Improvement Plan Grant; 1607 Highway 2, Courtice
That Report PDS-003-22 and any related communication items, be received;
That a funding commitment of up to $1,000,000 in response to the application for a Development Charge Grant under the Courtice Main Street Community Improvement Plan submitted by Monde Development Group for 1607 Highway 2 in Courtice, be approved;
That any funding committed by Council to Monde Development Group for 1607 Highway 2, Courtice for a DC Grant be conditional upon the completion of the project in accordance with site plan approval and the fulfilment of the requirements of the CIP Agreement to the satisfaction of the Municipality;
That $1,000,000 from the General Capital Reserve, allocated for the Courtice CIP, be committed for this project;
That, if there are insufficient funds in the General Capital reserve, the Treasurer be authorized to withdraw from another reserve or reserve fund that the Treasurer deems appropriate;
That any funds withdrawn from an alternate reserve or reserve fund, be repaid on an annual basis using 50 per cent of the incremental property tax for the property, with the remaining 50 per cent available for general budgetary use; and
That all interested parties listed in Report PDS-003-22 and any delegations be advised of Council’s decision.