HomeMy WebLinkAboutBy-law 8081-24The Corporation of the City of Pickering
By-law No. 8081/24
Being a by-law to authorize the Construction of
the Pickering Heritage & Community Centre
project in the City of Pickering and the issuance
of debentures in the amount of $16,522,000.00
for Development Charges-Parks and Recreation
Reserve Fund for the funding for the Construction
of the Pickering Heritage & Community Centre
project, and that the first source of repayment for
this debt is future development charges
collections.
Whereas Section 11 of the Municipal Act, 2001, as amended, provides that a lower-tier
municipality may pass by-laws respecting matters within the spheres of jurisdiction
described in that Section;
Whereas Subsection 401(1) of the Municipal Act, 2001, as amended, provides that a
municipality may incur a debt for municipal purposes, whether by borrowing may or in
any other way;
Whereas Subsection 401(3) of the Municipal Act, 2001, as amended, provides that a
lower-tier municipality in a regional municipality does not have the power to issue
debentures;
Whereas The Regional Municipality of Durham has the sole authority to issue
debentures for the purposes of its lower-tier municipalities including The Corporation of
the City of Pickering (the “City”);
Whereas the Council of the City wishes to proceed with debenture financing for the
Construction of the Pickering Heritage & Community Centre project;
Whereas before authorizing the Construction of the Pickering Heritage & Community
Centre project in the City of Pickering, the Council of the City had the Treasurer update
the City’s Annual Repayment Limit, the Treasurer calculated the estimated annual
amount payable in respect of such project and determined that such annual amount
would not cause the City to exceed the updated limit and therefore, the Ontario Land
Tribunal (OLT) approval is not required as per Section 401 of the Municipal Act, 2001,
as amended, and the regulations made thereunder; and,
Page 2
Whereas after determining that Ontario Land Tribunal approval is not required, the
Council of the City approved report FIN 03-24 on the date hereof and approved the
Construction of the Pickering Heritage & Community Centre project in the City of
Pickering.
Now therefore the Council of The Corporation of the City of Pickering hereby enacts as
follows:
1.That the City proceed with the project referred to as “Construction of the Pickering
Heritage & Community Centre”;
2.That the estimated costs of the project in the amount of $58,239,550.00 be financed
as follows:
a). the sum of $8,367,000.00 or less be financed by the issue of debentures by
The Regional Municipality of Durham over a period not to exceed 20 years;
b). the sum of $16,522,000.00 be financed by the issue of debentures by The
Regional Municipality of Durham over a period not to exceed 20 years to
address the funding shortfall of the Development Charges-Parks and
Recreation Reserve Fund (“DC-Parks & Recreation RF”), and that this amount
be repaid from future development charge collections as the first source of
repayment;
c). the sum of $2,409,243.00 be funded from the Development Charges-Library
Reserve Fund;
d). the sum of $8,000,897.00 to be funded from the Development Charges-Parks
and Recreation Reserve Fund;
e). the sum of $12,500,000.00 to be funded by the Green & Inclusive Community
Building Programs Federal Grant;
f). the sum of $4,000,000.00 to be funded by the Canada Cultural Space Fund
Federal Grant;
g). the sum of $588,628.00 to be funded from the Community Benefit Charges
Reserve Fund;
h). the sum of $4,900,000.00 to be funded from the Senior Centre Reserve;
i). the sum of $470,000.00 to be funded from the Library Building Reserve;
j). the sum of $481,782.00 to be funded from the Casino Reserve; and,
3.That the funds to repay the principal and interest of the debentures be provided for
in the annual Current Budget for the City commencing in 2025 or such subsequent
By-law No. 8081/24
Page 3
ntures are issued and continuing thereafter until the
debenture financing is repaid;
By-law passed this 5th day of February, 2024
By-law No. 8081/24
year in which the debe
Original Signed By___________________________________
Kevin Ashe, Mayor
Original Signed By___________________________________
Susan Cassel, City Clerk