Water System Expansion to the Winds Residential Areas, Loan Authorization Bylaw No. 299
Council gave three readings to the Water System Expansion to the Winds Residential Areas, Loan Authorization Bylaw No. 299, 2022 in order for staff to submit the application for grant funding. On November 3, 2021 Council authorized staff to apply through the Investing in Canada Infrastructure Program - Environmental Quality. Lantzville’s share of 30% of the project ($2,085,372) as well as cost overruns will be funded by a Local Area Service by Council initiative; Federal and Provincial funding contributions, if the grant is approved, will be 70% of the total project costs.
There are no financial implications from approval of first, second and third readings of this bylaw. Approval of the first three readings will allow staff to submit required documentation for the grant application due January 26, 2022. In the event the grant application is successful, a report including financial implications of establishing a new local area service and debt servicing costs will be brought before Council.