Sirens a teres wrlaetysce MEMORANDUM AUS 2 4 1992 B. Kirk . DATE: August 11, 1992 City Administrator FIG Committee Tax sale bylaws re Works Yard/Fire Hall/Hyde Creek RECOMMENDATION: That City Council pass bylaws 2707 and 2708. BACKGROUND & COMMENTS: Contract negotiations are nearing completion with the architects for the above mentioned projects and it is time to put some funding in place so we may proceed with the next steps. Council approved the preparation of the bylaws at their January 27th 1992 meeting. Works Yard / Fire Hall ($750,000) Our draft Capital Improvement Plan calls for a new works yard and fire Hall to be built on a city owned site in the 1600 block of Broadway in the industrial area. The project is expected to cost $5.3 miliion which would be fur.ded temporarily from our Tax Sale Reserve and repaid to the Tax Sale Reserve as part of the same project from the sale of the existing Works Yard and Fire Hall # 1 sites. As a result, it is expected that the Tax Sale Reserve would be fully repaid for these new facilities. Funds authorized would primarily be used for design and site preparation, with a further bylaw coming forward to fund the construction. Hyde Creek ($180,000) Our draft Capital Improvement Plan calls for an expansion of Hyde Creek Centre, the authorized funding would be. expected to cover the cost of planning and designing the expansion. The construction cost of $4 million will be financed from our Tax Sale Reserve and repaid over 20 years. A further bylaw will be brought forward to cover the cost of construction once the detailed design and estimates are available. Nore: Loot (wk | | See By laws 107 42768 ‘J. Maitland, City Treasurer - | ouslu th ~ Deputy Administrator