WHEREAS at meeting #2/15, held on February 27, 2015, TRCA’s Board of Directors approved Res. #A 23/15 related to the construction of a new Administrative Office Building for TRCA at 5 Shoreham Drive;
AND WHEREAS the original construction budget for TRCA’s new Administrative Office Building at 5 Shoreham Drive was $65 million;
AND WHEREAS as indicated through previous construction updates to TRCA’s Board of Directors, the COVID-19 global pandemic had a significant impact on costs across the construction sector, resulting in an additional $9 million in escalated financial impacts on the new Administrative Office Building project;
AND WHEREAS through the planning and construction process for the new Administrative Office Building it was determined that upgraded security, lighting and health and safety systems were required for the parking facility at Black Creek Pioneer Village, which provides parking for TRCA staff and visitors to the new Administrative Office Building, visitors to Black Creek Pioneer Village and paid parking for neighbouring uses and events;
AND WHEREAS TRCA Board of Directors authorization is required for the use of TRCA’s Reserve Fund;
THEREFORE LET IT BE RESOLVED THAT a draw upon reserves of up to $9 million be authorized by TRCA’s Board of Directors to fund the completion the new Administrative Office Building project;
THAT an additional draw from TRCA reserves of up to $1.1 million be authorized to fund the lighting, security and health and safety upgrades to the shared staff and public parking facility at Black Creek Pioneer Village;
AND FURTHER that staff finalize and convert the approved $50,000,000 construction financing loan to a term loan in accordance with the executed terms and conditions with CIBC, effective July 1st, 2024.