HomeMy WebLinkAboutCOD-002-06
CliJ!.mgton
REPORT #4
REPORT
CORPORATE SERVICES DEPARTMENT
Meeting:
COUNCIL
Date:
January 16th, 2006
Report #:
COD-002-06
File#_
By-law #
Subject:
CL2005-46,
CONSTRUCTION OF THE BRIAN MCFARLANE HOCKEY MUSEUM
Recommendations:
It is respectfully recommended that Council approve the following:
1. THAT Report COD-002-06 be received;
2. THAT the tender received from Peak Engineering and Construction Ltd., Brighton, Ontario, being
the lowest responsive bidder meeting all terms, conditions and specifications of Tender CL2005-
46, be awarded the contract for the Construction of the Brian McFarlane Hockey Museum,
Bowmanville, Ontario at a total revised bid of $859,544.00, plus GST;
3. THAT the requirements for tendering in accordance with Purchasing By-law # 94-129, Paragraph
5, item 5.6 be waived for the production of the museum exhibits;
4. THAT the proposal from GSM Design Exhibits Inc, Montreal, Quebec, dated January 3,2006 in
the amount of $539,000.00, plus GST for the production of the exhibit gallery be accepted subject
to the negotiation of a formal contract which meets the requirements of the Municipality of
Clarington and is to the satisfaction of the Purchasing Manager and Director of Community
Services;
5. THAT the expenditure in the total amount of $1,398,544.00 ($859,544.00 tender + $539,000.00
GSM Design Exhibits Inc., Montreal, Quebec), be drawn from Clarington's Brian McFarlane
Hockey Museum Account # 110-42-421-84242-7401;
6. THAT the Director of Finance/Treasurer be authorized to make application to the Region of
Durham for a debenture in the amount of $1,111,640.00 plus debenture costs;
7. THAT Council express its intent to fund this project including debenture repayments and financing
to the extent allowable from future development charges; and
8. THAT the attached By-law's marked Schedules "An and nBn authorizing the Mayor and the Clerk
to execute the necessary agreements be approved.
. REPORT NO.: COD-002-Da
PAGE 2
Submitted by:
~~~-
Ma Ie Marano, H.B.Sc., C.M.O.
DirectOj of Corporate Services
I 1 J
ij vt,'L.L-t-.....~--
Jq eph P. Caruana,
'. ector of Community Services
~C(o-tA ~~
. Nancy Taylor, B.B.A., C.A.,
Director of Finance
MM\NT\JC\LAB\km
ReVieWedb()~~
Franklin Wu,
Chief Administrative Officer
. REPORT NO.: COD-002-Da
PAGE 3
BACKGROUND AND COMMENT
Tender specifications were provided by Barry Bryan Associates Limited for the Construction of
the Brian McFarlane Hockey Museum as required by the Community Services Department.
Bidders were pre-qualified with Tenders being submitted as follows:
BIDDER TOTAL BID
James Kemp Construction Limited $948,646.00
Hamilton, Ontario
Peak Engineering & Construction Ltd. $949,500.00
Brighton, Ontario
Gerr Construction Limited $970,000.00
Courtice, Ontario
Garritano Bros. Ltd. $1,035,200.00
Oshawa, Ontario
Torbear Contracting Inc. Rejected
Woodbridge, Ontario
As all bids received exceeded the total funds available, and in accordance with the conditions of
the tender, the three low bidders were asked to re-bid based on a number of proposed deletions
from the construction including: eliminating sky lights and a washroom, reducing the curtain wall
size and various other miscellaneous changes.
Subsequently, the revised bids are as follows:
BIDDER TOTAL BID
Peak Engineering & Construction Ltd. $889,544.00
Brighton, Ontario
Gerr Construction Limited $900,809.26
Courtice, Ontario
James Kemp Construction Limited $905,422.00
Hamilton, Ontario
In addition, the low bidder, Peak Engineering & Construction Ltd. is also proposing an additional
$30,000.00 in credits for the substitution of an alternate floor box manufacturer which is
recommended be accepted, bringing the total bid to $859,544.00.
. REPORT NO.: COD-002-0a
PAGE 4
With respect to the award to GSM Design Exhibits Inc., this portion of the contract was
approved in principle as per Report CSD-07-05 (copy attached, marked Schedule nc", As a
formal award was not made at the time, it is recommended that the production of the exhibit
gallery be awarded to GSM Design Exhibits Inc. in the amount of $539,000.00 (plus GST),
subject to the successful negotiation of a contract which meets the needs of the Municipality of
Clarington. It is further recommended that the requirement for tendering in accordance with
Purchasing By-law #94-129, Paragraph 5, item 5-6 be waived for this portion.
Originally, the project cost was estimated to be $1,815,000.00, per previously approved report
CSD-07-05, with $1,090,000.00 to be debentured. The project cost now is $1,836,640.00 with
financing from a debenture of $1,111 ,640.00 and $725,000.00 from the remaining approved
$875,000.00 for this project in report CSD-20-03. A debenture of $1,111,640.00 over a 15 year
is estimated to have annual repayments of $133,000.00. The exact amount of the repayment
would be determined at the time of the debenture issuance by the Region of Durham.
It is further recommended that the total required funds in the amount of $1,398,544.00
($859,544.00 tender + $539,000.00 GSM Design Exhibits Inc.) be drawn from the Clarington's
Brian McFarlane Hockey Museum Account # 110-42-421-84242-7401.
The Director of Finance has reviewed the funding requirements and concurs with the
recommendation. Queries with respect to department needs, specifications, etc., should be
referred to the Director of Community Services.
SCHEDULE nA"
SCHEDULE nB"
SCHEDULE "C"
By-law
By-law
CSD-007 -05
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L 1C 3A6 T(905)623-3379 F (905)623-4169
Schedule "A"
THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW 2006-
Being a By-law to authorize a contract between the
Corporation of the Municipality of Clarington and Peak
Engineering and Construction Ltd., Brighton, Ontario, to enter
into agreement for the Construction of the Brian McFarlane
Hockey Museum.
THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON HEREBY ENACTS AS
FOLLOWS:
1. THAT the Mayor and Clerk are hereby authorized to execute, on behalf of the
Corporation of the Municipality of Clarington and seal with the Corporation Seal, a
contract between, Peak Engineering and Construction Ltd., Brighton, Ontario, and
said Corporation; and
2. THAT the contract attached hereto as Schedule "A" form part of this By-law.
By-law read a first and second time this day of
,2006.
By-law read a third time and finally passed this day of
,2006.
John Mutton, Mayor
Patti L. Barrie, Municipal Clerk
Schedule "B"
THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW 2006-
Being a By-law to authorize a contract between the
Corporation of the Municipality of Clarington and GSM Design
Exhibits Inc., Montreal, Quebec, to enter into agreement for
the production of the exhibit gallery for the Brian McFarlane
Hockey Museum.
THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON HEREBY ENACTS AS
FOLLOWS:
1 , THAT the Mayor and Clerk are hereby authorized to execute, on behalf of the
Corporation of the Municipality of Clarington and seal with the Corporation Seal, a
contract between, GSM Design Exhibits Inc., Montreal, Quebec, and said
Corporation; and
2. THAT the contract attached hereto as Schedule "A" form part of this By-law.
By-law read a first and second time this day of
,2006.
By-law read a third time and finally passed this day of
,2006.
John Mutton, Mayor
Patti L. Barrie, Municipal Clerk
....
SCHEDULE "C"
CI~!ilJglon
REPORT
COMMUNITY SERVICES DEPARTMENT
Meeting:
General Purpose and Administration Committee
Date:
May 24, 2005
Resolution #:
Report #: CSD-07 -05
File #:
By-law #:
Subject:
Clarington's Brian McFarlane Hockey Museum - Business and Marketing
Plan
Recommendations:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1, THAT Report CSD-07-05 be received;
2, THAT Clarington's Brian McFarlane Hockey Museum: Business and Marketing
Plan as prepared by Deloitte & Touche LLP, be endorsed in principle:
3, THAT Council authorize qn expenditure of approximately $150,000,00 for
Marketing Services includir~ consulting, creative design and production costs fOI
a marketing program as vLJ~!ined in the Deloitte & Touche's Business an j
Marketing Plan;
4, THAT the expenditure for the Marketing Services be funded from the Impact
Escrow Reserve Fund included in the funding previously approved
for Clarington's Brian McFarlane Hockey Museum Account
#110-42-421-84242-7401 ;
5, THAT Staff be directed to issue a Request for Proposal to engage a marketing
firm as required for the pre-launch phase of the project; and.
6. THAT Staff be authorized to initiate the design process for C:aringtons Brian
McFarlane Hoc-key Museum,
1
REPORT NO.: CSD-07-05
PAGE 2
,....-,
11
I ,
" / I
~{
, '" I' / _
Suomlttea by: I i [/l,::'" !"..-v-
;JoS-eoh P. Caruana
( Dlector of Community Services
J
Reviewed by:
Nancy Taylor, B.B.A., C,A.
Director of Finance
JPC/BRT/ta
SCHEDULE "c"
-R8'!ie\ved by
Franklin INu
Chief /<,dministrative Officer
CORPORATiON OF THE ~.1UNIC:P:\UTY OF CLARINGTON
~o TEfvlPE:':\ANC:= ::Tr::.E:::-:-. 30WMANViLLE, ONTARIO L1C 3,';6 T ,;.::: 3:::::-2379 F (905)623-5506
REPORT NO.: CSD-07-05
PAGE 3
SCHEDULE "C"
1.0 BACKGROUND
1,1 In the fall of 2004, the Clarington's Brian McFarlane Hockey Museum Committee,
consisting of municipal staff and supported by Brian and Joan McFarlane,
Michael McFarlane, Bill Humber (local historian, author and sports enthusiast),
Barry Bryan Associates (Consultant) and GSM Design (Sub Consultants -
Museum and Display Specialists) suggested a museum business and marketing
plan would be beneficial to the success of the museum. This was predicated on
the complexity of the display, potential market attraction, existing tourism nodes
within the municipality, as well as, regional, provincial, national and international
partnerships and marketing opportunities.
1.2 Accordingly, the Community Services Department, in conjunction with the
Corporate Services Department, prepared and issued a Business and Marketing
Plan - Request for Proposal. The successful bidder was Deloitte & Touche LLP,
1.3 The Marketing and Susiness Plan has also reviewed the characteristics and
attributes of a museum of this nature and, in conjunction with staff, has provided
recommendations determining the necessary physical size requirements for
display, administration and retail sales areas of the museum in order to
undertake a successful project of this nature.
1.4 Since December 2004, Deloitte & Touche LLP have worked with the committee
and have researched, explored opportunities, commented and made
recommendations on all facets of the Request for Proposal. The Museum
Committee supports the Business and Marketing Plan and ib recommending
approval ir. li~inciple of the recommendations provided by Deloi+:p ~. Touche LLP,
2.0 BUSINESS AI'JD MARKETING PLAN
2,1 Highlights of the study and comments are provided for Council's consideration as
follows:
2,2 BUS NESS CLIMATE - The demographics provided by Deloitte & Touche LLP (as
confirmed by the Development Charges Study) indicate that Clarington, as well
as the Region of Durham, is expected to continue to enjoy progressive
population growth over the next number of years. In terms of tourism, the area
already draws 3,3 million visits per year, of which 94% are day trips typically from
GTA area and local residents. The study identifies three (3) main areas of
potential target market resources.
2.3 The municipality also enjoys several existing tourism attractions (for example,
Mosport, Bowmanville Zoo and Jungle Cat World) in which to share promotional
p:-=:rtnerships. In addition, there eXists a strong minor hockey league program
"''i;.
..
REPORT NO.: CSD-07-05
PAGE 4
SCHEDULE "C"
consisting of approximately 15,000 youth, The final market area is the
educational component in which there are over 1 00,000 elementary ageo
children, These areas provide an advantage to the suc::ess of Clarington's Brian
McFarlane Hockey Museum as there is a large resident population: a large
existing tourism base and a large resident hockey base, compared to similar
operations throughout North America, Our market area ;,as a population in
excess of 3,0 million, of which nearly 1,0 million will have an expressed interest
in a museum facility of this nature,
2.4 MARKETING STRATEGY - The Business and Marketing Plan has indicated
there are already a number of local area attractions that exist to compliment the
museum, In addition, the interest of local minor and senior hockey teams will be
a draw to the museum, The educational component will be of interest to the
various local and surrounding school boards as part of our Canadian heritage -
important to the school curriculum, The objective will be to develop the museum
into a destination location through the number of family day-trips and activities
already taking place within the municipality and particularly at the
Garnet B, Rickard Recreation Complex, In order to accomplish these objectives.
the Business and Marketing Plan has recommended the Municipality engage a
marketing firm to undertake these requirements as they pertain to our marketing
strategy.
2,5 IMPLEMENTATION PLAN - Key to the success of the Business and Marketing
Plan is the implementation plan for pre-launch and first year start up, The
success of the museum will largely depend on the pre-launch groundwork
undertaken by staff prior to the actual opening, Several components are to be :n
place prior to the fall of 2006,
· Development of all staffing positions including ~'osition descriptions. staff
recruitment and training plus volunteers.
· Marketing Strategies - retention of marketing consuitant to develop media
strategies. clientele targets, cross-promotion marketing campaigns.
educational component: sponsorship packages and special events and
promotion,
· Exhibit set-up and display components complimented by interactive displays,
2.6 As recommended. funding of $150,000.00 is required to engage a marketing firm
capable of undertaking a marketing program of this magnitude, The program will
include consulting fees, creative design and production costs, This expenditure
is for the initial development of the program.
L., LOCATION AND OPERATING STRA-E'3Y - The BUSiness and Marketing Plan
has indicated the Garnet B. Rickard Recreation Complex s ;deai for the museum
location, There is a built-in clientele attracting 300.000 Jisltors per year. in a
complimentary serJice to the museum, By locating :he museum at the
Garnet 8, Ric:'\ard Rec23tion Comoie:-c there is eXo2ct2~ savings in both c2pital
.REPORT NO.: CSD-07-05 PAGE 5
SCHEDULE "C"
and operating expenses. The projected visitation target is 20,000 to 25,000
visitors per year, Actual operating hours are to be confirmed, however, staff
would indicate consideration will be given to prime winter season, offering slightly
reduced summer hours,
2.8 STAFFING STRUCTURE - The Business and Marketing Plan recommended
staffing requirements conducive to operating hours and business expectations.
The lead position will be the Community Service Coordinator (existing position)
assisted by a full-time Museum Programmer/Curator fulfilling programming and
curatorial requirements (previously approved as a part-time position in the 2004
budget, however has not been activated pending the results of the Business and
Marketing Plan) and a Facility Clerk (existing position). Additional staffing will be
comprised of part-time clerical administrative support and a compliment of
volunteer tour guides. All new positions related to the museum will be
implemented as part of the 2006 annual budget process. Assuming an April
2006 budget approval, staff may require pre-budget approval for certain staff
associated with the museum. If required, staff will prepare a report to Council
later in 2005,
2.9 OPERATING PLAN - The Business and Marketing Plan identified several
revenue streams including general admissions, special events (exclusive use)
rentals, sponsorships and gift shop sales. In order to attract the required
revenues, the Museum Committee supports the Marketing and Business Plan
that will lay the foundation of the project as referred to in the business plan,
2,10 The Business and Marketing Plan developed a five (5) year operating budget
to demonstrate a proforma cash flow model The model indicates a first-year
surplus operation and break-even operations :'1 the subsequent years. It should
be noted that utilities, cleaning and insuran,-:e h,lve been identified as Museum
operational costs, however, will be reflectec as an overall increase to the
Garnet B. Rickard Recreation Complex once the Museum facility is fully
operational,
3.0 MUSEUM DESIGN
3,1 The consulting firm of Barry Bryan Associates has been retained to design the
physical building components. Through their sub-consultants. the firm of ~~i0
Design will develop the museum exhibits, display space and interactive
components within the museum structure. Our consultants have reviewed the
Municipality's artifacts acquired from. Brian McFarlane and have made
comparisons to similar facilities in Canada. United States and Europe
to determine the recomnended size (5,000 square feet) for
Clarington's Brian McFarlane Hockey Museum. As a result of the recommended
increase in the size of the building, staff is now required to provide updated
project financing as follows:
REPORT NO.: CSD-07-05
4.0
4. i
5.0
5,1
5'"'
.L.
PAGE 5
SCHEDULE "C"
Category
Construction
Consulting
Contingency
Furnishings and Equipment
Disbursements
/ Ar<-,- (.) <J N::- S"
\' TV'~/.J K~ i I,
Cost Projection
.if.- 1.350.000
280,000
150,000
20,000
15,000
1,815,000
fl( t-L ( "'-f..,J H
Wove..
Total
3.2
It is anticipated the project will be tendered in the fall of 2005. with construction
commencing later in 2005, Actual construction is anticipated for completion in
summer/fall of 2006.
FINANCING
An amount of $875,000,00 was set aside for this project in report CSD-20-03,
(Attachment #2), After marketing services are deducted, $725,000,00 currently
remains earmarked for this project. This results in the anticipated need for
financing of $1,090,000,00 to cover projected costs. It will be recommended that
this balance be debentured, The approximate annual repayment is estimated at
$130,000,00 annually, The required resolutions will be included in a future report
to Council as part of the tender awarded when exact costs are determined,
COMMENTS
Staff submitted a supplementary merlorandum to Council on May 2. 2005
(Attachment #1) which introduced se\ :"~al of the Business and Marketing Plan
recommendations, including the requirement for post-budget approval of
$150,00,--.00 to engage a marketing L~nnsultant, creative design, printing and
production costs.
The Director of Finance has recommended the expenses for the marketing firm
be funded from the Escrow Reserve Fund Account as already approved
for the Museum Capital Project as identified in Report CSD-20-03
Account # 110-42-421-84242-7401,
Attachments:
Attachment #1 - Memorandum - May 2, 2005
Attachment #2 - Community Services Department Report # CSD-20-03
Attachment under separate cover - Clarington's Brian McFariane HocKey Museum -
Business and ~v1arketing Plan
,qm 7'1. , ;'1-
tJ~f1[[J iTJefv'Olll
Leading (he Way '--../
SCHEDULE "C"
Attachment #1 to Report CSO-07-05
MEMO
TO: Mayor John Mutton and Members of Council
FROM: Joseph p, Caruana, Director
Community Services Department
DATE: May 2, 2005
RE: Clarington's Brian McFarlane Hockey Museum
The Business Plan and Marketing Strategy that was commissioned to Deloitte is
currently in its final stages. Recently, staff have been provided with an overview of
that process and I would like to take this opportunity to provide Members of Council
with preliminary project cost estimates. As Council is preparing to consider the 2005
budget this Friday, it is prudent to be aware of these anticipated increases that will
impact the 2006 budget.
The size of the museum is being recommended to be approximately 6,000 sq, ft.
This is an increase over the initia: ss~imate ()f 3,500 sq. ft. and the S875,000
approved preliminary budget. The "ilcrease in the square footage requirement
suggests that an estimated capital construction budget of $1,500,000 to build the
museum and additional consulting (architectural) fees of approximately 5150,000 will
be required,
This is a total increase of $866,500 to the earlier project estimate, It should be noted
these are still estimates and will be refined when the building has been designed and
tenders received, scheduled for October 2005.
Also identified is the pre-launch program for the museum operation. The consultant
is recommending approximately $150,000 will be required leading up to the opening
of the museum in the Fall of 2006. This $150,000 consists of hiring a marl<eting
consultant, creative d~sign, printing and reproduction costs associated with the
operation of the mUSf;um. This will be required in 2005; finances to be addressed in
a subsequent staff report,
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
..10 TEiv1PERANC::: STREeT, BOWiv1ANVILLE, ONTARIO L 1C 3A6 T(9051623-:::-;:: 905)623-5506
SCHEDULE "C"
The ongoing operational budget and associated staffing requirements will be
addressed through the 2006 budget process, Assuming an April 2006 budget
approval, staff may require pre-budget approval for certain staff associated with the
museum, If required. staff will prepare a formal report to Council later in 2005,
Staff will be scheduling a detailed presentation by the project consultant within the
next 3-4 weeks, In the meantime, if you have any questions or require clarification,
please do not hesitate to contact me,
Regards,
Josep" p, Caruana
/jm
cc: George Acorn
Skip Crosby
Bruce Taylor
Nancy Taylor
Frank Wu
ATTACHMENT # 2 TO REPORT CSD-07-05
SCHEDULE "C"
Cl&;:-!lJgton
REPORT
COMMUNITY SERVICES DEPARTMENT
Meeting:
General Purpose and Administration Committee
Date:
December 8, 2003
Resolution #:
Report #: CSD-20-03
File #:
By-law #:
Subject:
Brian McFarlane Hockey Museum - Garnet B. Rickard Complex
Recommendations:
It is respectfully recommende;d that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report CSD-20-03 be received;
2. THAT Council endorse the proposed Brian McFarlane Hockey Musel1rT1 prajec: to
be constructed at the Garnet B. Rickard Complex;
3. THAT Council ap,lrove the proposed budget of 5875,000.00;
4. THAT the prajee: be :unded from the Impact Escrow Reserve Fund ,~.S:8unt
#1110-196-X: and
THAT staff be authorized to issue the Request for Proposal for Professional
Services required to develop the concept drawings and construction
specificati'Ons for the Museum Project.
V/h
Submitted by: I 71-CLL~
/Joseoh p, Caruana
(Pi, ~:~i_srmu.nity Services
Suomitted tY:l/;;"1Ijl~/4
anc\,:'Tcivior/S.3!A.. C.A.
f . :l'
Direc:o~ of i"lnance
5.
JPC/GAJjm
CORPORATI',:NOF [HE ~,1UNIC:PAL!TY OF CLARINGiON
40 i~:'.lP~RANC:= 3:~~~:. 3C'.V~.1ANVILLE. ONTARIO L 1 C 2A6 i \905':62:-3379 F ~90:;-::3-:;506
rl""\""'I.o'"
SCHEDULE "c"
1.0 BACKGROUND
1.1 As Members of Councii are aware, staff negotiated successfully for the
acquisition of the Brian McFarlane Hockey Museum.
1.2 At that time, Council reviewed a number of options that would see the host site
for the new hockey museum located in the courtyard at the Garnet 8. Rickard
Recreation Complex.
1.3 The museum, as operated by the McFarlane's, utilized approximately 3,000
square feet of display area, staff is recommending a structure approximately
3,500 square feet, which will allow for some modest expansion of the museum
displays and further provide an area for rotating displays.
1.4 Staff will be reviewing various options for the rotating displays. anticipating they
will be supplied in conjunction with the National Hockey League's Hall of Fame in
Toronto. Those discussions will take place over the next number of months.
, ,
1.5 As this is a specialty structure, the cost to design and construct a facility of this
nature is estimated in the 5250 per square foot range, which will require a project
budget of $875,000.00.
1.6 Of this amount, a significant portion will be allocated to interior treatments and
display areas of the facilities. Please refer to Section 2.3 of this report for a
detailed breakdown of this project budget.
2.0 PROG~;AM
2.1 This project will consist of the construction of approximately 3,500 square feet of
space, located in the courtyard area of the Garnet 8. Rickard Recreation
Complex, immediately adjacent to the lobby linking Pad A and Pad 8 of the
facility.
2.2 The building will be completely self contained and will consist of a main entrance,
display area, Peter Puck Theatre, souvenir sales area and storage. It is
anticipated to be accessible externally as well as from the interior of the existing
complex.
r~""'1,;; oJ
SCHEDULE "C"
2.3 Project Budget
I
I Consulting
Construction
Eauiement/Furnishings
Contingency
Category
I
I
I
I
I
Project Total I
Budget Allotment
80.000
525.000
200.000 i
70.000 '
875,000
2.4 Project Schedule
December 2003-Januarv 2004 I RFP- Professional Services I
February 2004 I Award - Professional Services Contract I
February-April 2004 I Detail Design
Mav 2004 Award Construction Contract
June 2004-November 2004 ' Construction
December 2004 Commissioning! Substantial ComeJetion
Januarv 2005 -Februarv 2005 I Official Opening I
2.5 Financing
It is recommended that the Hockey Museum be funded from the Impact/Escrow
Reserve Fund. In 1996, Council transferred funds from the Impact/Escrow
Reserve Fund to the Older Adults - Operating Reserve Fund. The principal was
t") be held however, interest earned was to be availuble through the budget
~:'ocess to assist in the start-up operations of the Clricr Adults Centre. The
!Jrin.::ipal was to be returned to the Impact/Escrow Reserve Fund December 31,
2CnO. In 2000, Council extended this date to December 31, 2003. Therefore,
there is $754,775.00 that will return to Impact/Escrow Reserve Fund on
December 31 of this year. It is proposed that these funds plus the balance of
$120,225.00 currently in the Impact/Escrow Reserve Fund be used to finance the
Hockey Museum capital construction costs.
3.0 COMMENT
3.1 Staff will be revievving various options and. partnerships available regarding the
operation of the Museum and wHl be the subject of an additional report to Council.
Preliminary operating estimates will be provided in the 2004 current operating
budget and will reflect the proposed project schedule.