HomeMy WebLinkAboutFCS-13-054 - Community Assistance Loan Application - Kitchener-Waterloo Art Gallery
REPORT TO:
Finance & Corporate Services Committee
DATE OF MEETING:
April 22, 2013
SUBMITTED BY:
Dan Chapman, Deputy CAO, Finance & Corporate Services
PREPARED BY:
Dan Chapman
WARD(S) INVOLVED:
1
DATE OF REPORT:
April 15, 2013
REPORT NO.:
FCS-13-054
SUBJECT:
Community Assistance Loan Application -KWAG
RECOMMENDATION:
THAT a Community Assistance Loan be provided to the Kitchener-Waterloo Art Gallery
(KWAG) to support the completion of the Community Access Space project, said loan to
be in the amount of $15,000 for a three year term, with fixed annual repayments of $5,000
per year commencing in 2014;
AND FURTHER THAT the Mayor and Clerk be authorized to execute a loan agreement
satisfactory to the City Solicitor.
BACKGROUND:
The City of Kitchener implemented a Community Assistance Loan Fund in 1997 to provide
interim financing to community organizations for the purpose of donating equipment and
facilities to the City of Kitchener. The City has received a request from KWAG for a $15,000
community assistance loan to support the timely completion of their Community Access Space
project and staff are recommending that Council approve the request.
REPORT:
report and outlines how a
loan for the Community Access Space
is attached as the second appendix.
Staff is satisfied that the application meets the general intent of the policy. The only area where
the application may require a more liberal interpretation of the policy is with respect to clause
-time capital/infrastructure purposes, i.e.,
equipment and facilities, which are donated to the City [emWhile the
community access space will not be turned over to the City of Kitchener, KWAG is a tenant of
Centre in the Square, which is in turn controlled by the City of Kitchener. As such, the
improvements will be made to a facility that is under the C
intention of being available for community use.This donation requirement was relaxed on a
prior occasion when the weight training equipment at Activa Sportsplex was purchased by, to be
owned by, the Waterloo Regional Boxing Academy. In that case, a formal exception to the
policy formed part of the Council resolution although that is not likely required in this case.
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ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN:
Providing a community assista
aligns with
do;
FINANCIAL IMPLICATIONS:
The balance in the Community Assistance Loan Fund is $805,799, meaning there are sufficient
funds available to advance a $15,000 loan. There is a high degree of confidence that the loan
will be repaid according to the terms of the agreement based on the commitment of a corporate
agreement with KWAG will provide a right to offset other grant payments against the loan
balance in arrears.
COMMUNITY ENGAGEMENT:
n/a
ACKNOWLEDGED BY:
Dan Chapman, Deputy CAO, Finance & Corporate Services
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