Council gave first reading to Bylaw 355, a borrowing bylaw to fund the purchase of a lease of land for an affordable housing project. The total project cost to acquire 535-547 Deer Street and 145-155 Cave Avenue, and to do a preliminary engineering analysis, is $965,001. The cost of the land is $550,001, demolition costs of an existing building on site is $250,000 and the engineering assessments/community consultation is $165,000. The bylaw will be advertised for two weeks prior to a second and third reading.
Council received a briefing on the third quarter financial statements and forecast. There is a total forecasted unrestricted surplus of $122,646, and there is a forecasted increase in the net transfer to operating and capital reserves of $1,293,929.
Council appointed Stuart Carre to the Municipal Planning Commission and Jun Cacayuran to the Banff Housing Corporation. The committee positions opened up following two resignations from the boards.
Following a recommendation from the Municipal Planning Commission, council voted to have staff draft amendments to the Land Use Bylaw s3.2.12 to remove the word “shall” and replace it with the word “may” in the following clause: “The MPC shall deliberate and reach its decision in private.”