ADMINISTRATIVE REPORT

Date: June 8, 1999
Author/Local: J. Beresford /7789

RTS #00737

CC File No. 3143
CS&B Date: June 17, 1999

TO:	Standing Committee on City Services and Budgets
FROM:	General Manager of Corporate Services
SUBJECT:	Vancouver Economic Development Commission - International City Project

CONSIDERATION

THAT Council approve an amendment to the 1999 contract with the Vancouver Economic Development Commission by adding the proposed International City project at a cost of $50,000; source of funds to be the Asia Pacific Legacy Trust.

GENERAL MANAGER COMMENTS

The General Manager of Corporate Services submits the foregoing for CONSIDERATION.

COUNCIL POLICY

Council approval is required to access reserve or trust funds.

In 1997, Council received a $100,000 donation (Asia Pacific Legacy Funds), from C.K. Choi Foundation and the David and Dorothy Lam Foundation to be held in trust, pending identification of an International Development project.

PURPOSE

The purpose of this report is to seek Council approval of the plans to utilize a portion of the Asia Pacific Legacy Fund to further develop Vancouver's role in the Pacific Rim as a major international city.

BACKGROUND

The Asia Pacific Legacy Funds were donated by the C.K. Choi Foundation and the David and Dorothy Lam Foundation and are held in trust for the Vancouver Economic Development Commission until appropriate projects are identified that meet the objectives of the trust.

The Vancouver Economic Development Commission is an independent, non-profit organization created by Council in 1997 as a focus for economic development in the City.

As part of the 1999 Business Plan, the Vancouver Economic Development Commission submitted a proposal to utilize $50,000 of the $100,000 fund held in trust by the City for an International City Project. On December 10, 1998 Council instructed the Vancouver Economic Development Commission to report back with details of plans to utilize these funds to undertake the International City Project.

DISCUSSION

Attached to this report as Appendix I, is an overview submitted by the Vancouver Economic Development Commission, outlining the scope of the project, deliverables and project budget. The Commission has also received written confirmation from the donors of the trust fund, that the proposed project is in keeping with the objectives and intent of the trust (Appendix 2).

The goal of the International City Project is to raise Vancouver's profile as a major international city from an institutional, business and related perspective. The project proposes to capitalize on Vancouver's pre-existing attributes such as geographic location, and to focus on its emergence as a recognized business centre, through a series of studies and consultations and ultimately through the development a strategic plan.

FINANCIAL CONSIDERATIONS

The overall cost of the project is $120,000 of which $50,000 would be provided from the Asia Pacific Legacy Fund. The remaining $70,000 would be provided through a combination of corporate sponsorships, private sector funds and contribution of services in kind. Details of the revenue and expenditures are contained in the attached budget submission (Appendix 1).

CONCLUSION

The International City Project is submitted for Council's consideration. The project was initially identified as an objective of the 1999 business plan, and is in keeping with the objectives of the Vancouver Economic Development Commission as well as the requirements of the trust fund.

NOTE FROM CLERK: ELECTRONIC COPIES OF APPENDICES ARE NOT AVAILABLE. ON FILE IN THE OFFICE OF THE CITY CLERK.

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(c) 1998 City of Vancouver