Other Items Considered by the Committee

(City Council on October 1 and 2, 1998, deferred consideration of Item (f), entitled "Proposed Use of Funds Generated from Cash-in-Lieu of Parkland Dedication", embodied in the foregoing Clause to the next regular meeting of Council scheduled to be held on October 28, 1998.)

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(Clause No. 15(f) of Report No. 2 of the Economic Development Committee)

(f)Proposed Use of Funds Generated from Cash-in-lieu of Parkland Dedication

The Economic Development Committee reports having recommended the adoption of the following report and forwarded its action in this respect to the Budget Committee for consideration and subsequent submission to City Council via the Strategic Policies and Priorities Committee.

(September 8, 1998) from the Commissioner of Economic Development, Culture and Tourism, recommending that:

(1)the Chief Financial Officer and Treasurer be authorized to establish a city-wide reserve fund for cash-in-lieu of parkland collected by the City, as noted within this report;

(2)Cash-in-lieu of parkland payments received prior to December 31, 1998 in respect of developments that have received planning approvals prior to December 31, 1997 be allocated for local expenditures as outlined in the report;

(3)the Budget Committee be advised with respect to the Committee's recommendations resulting from this report; and

(4)the appropriate City Officials be authorized and directed to take the necessary action to give effect thereto.

Respectfully submitted,

Councillor Brian Ashton,

Chair

Toronto, September 18, 1998

Christine Archibald

Tel. (416) 392-7039