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Budget Framework |
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In December 2005, City Council approved multi-year capital funding of $16 million towards implementation of the project, which has an overall estimated cost of $40 million. The commitment of $16 million was based on cost estimates for ongoing repair, maintenance and rehabilitation work that would still need to be undertaken on the Square in the coming years, irrespective of holding a design competition.
For the remaining $24 million, Council requested the submission of a further staff report on other sources of funding to implement the project, including private/public partnerships or other orders of government. A fundraising feasibility study is currently being undertaken by an outside consultant to explore and assess the potential for external funding sources for this project.
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