REVISED AGENDA

That the City Solicitor be requested to prepare the appropriate agreement, and that His Worship the Mayor and the City Clerk be authorized to execute the agreement, under the Corporate Seal. [...] The original funding plan, as outlined in the neighbourhood concept plan, included contributions from the developers of Brighton and the Holmwood Surburban Centre, the Interchange Levy, leaving the City responsible for contributing up to 22% of the cost of the interchange. [...] If the costs of the interchange exceed $57.75 Million once tendered, the remaining portion of the Suburban Centre will be responsible for the excess costs, up to 40.5% of the total cost Page 4 of 6 Page 18 College Drive Classification of the interchange. [...] The impacts of pursuing this option are as follows: • The grade required for the structure would extend further into the Brighton neighbourhood than the first intersection triggering the re-design of at least two crescents inside the neighbourhood; • The development of ramps and side-slopes would have private property impacts in the Arbor Creek neighbourhood; • The grade of the interchange would b. [...] However, due to the timing of the collection of development levies based on lot sales and the corresponding developer contributions to the project, borrowing will be required to provide the necessary cash flow to complete the project and repaid using the future developer contributions.