The program guide states that a maximum of 10% of the fund ($14M) will be allocated to a project. The guide also states that the decision on which projects will be funded will happen in the summer of 2019 which is 2-3 months AFTER the $6M gas tax incentive expires.
Good find. This sets up an interesting situation.
Page 11 of the granting Program Guide doesn't say that a maximum of 10% of the "first intake" pool of money ($135 million) will be allocated to any one project, but does suggest that anyone wanting more "phase" the project and apply again for the second intake (closer to the next provincial election). So say the City gets $13.5M in the first intake. It applies for a deadline extension for the $6M in gas-tax money, which it is likely to get -- but a condition of receiving that cash is that the City has all its other project funding in place.
$13.5M grant + $10M from reserves + $6M gas-tax + $1M Canadian Tire = $30.5M. That means the City will need to find $39M by early next year to secure the gas-tax money and meet the pool’s $69.4M budget.
Maybe half of that can be found in reserves. So here's my prediction: early in 2019 council will be asked to seek approval to borrow around $20M, especially since “public approval” of a project appears to improve chances of getting a federal-provincial grant. Whether the City tries to get that approval by referendum or "alternative approval process" (counter-petition) depends on who's sitting at the council table.
Edited by Jacques Cadé, 17 September 2018 - 05:24 PM.