Verbal Briefing – Federal Infrastructure Stimulus Program Update

A. THAT Council authorize the City Manager and Director of Legal Services to negotiate a Contribution Agreement with the Federal and/or Provincial Government as appropriate to facilitate the transfer of senior government funding to City of Vancouver Projects approved under the Building Canada and Infrastructure Stimulus Fund programs.

FURTHER THAT the City of Vancouver encourage the Federal Government to extend the completion date for all projects approved under the infrastructure programs beyond March 31, 2011; and

FURTHER THAT, once terms acceptable to the City Manager and Director of Legal Services have been agreed, the Mayor be authorized to sign the agreement on behalf of the City of Vancouver.

B. THAT Council direct staff to pursue matching funds from the Provincial Government for City of Vancouver projects approved under the Building Canada and Infrastructure Stimulus Fund programs.

C. THAT upon completion of discussions with the Federal and Provincial Governments, staff report back to Council with a risks and benefits assessment and recommendations on approved projects and alternative funding arrangements.

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