'Should City Council approve a conceptual design and funding plan, for all intents and purposes, City Council will have decided to proceed with the project provided the funding plan can be achieved.' yxe yxecc
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It notes that parts of the funding strategy will be outside the city’s control, including contributions from the provincial and federal governments and having the provincial government pass amendments to The Cities Act to enable portions of the plan. City staff have suggested approaches, including a levy on tickets sold for events, and taxes on hotel stays or vehicle rentals as possible avenues to raise the money. Tax increment financing could also be considered; this approach would see the city borrow against the projected increase in tax revenue generated by the development.
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