May 1, 2017 Summary

City financially sound through 2016
Staff presented the 2016 Annual Consolidated Financial Statements to Council on Monday night. With $17.3 million in accumulated operating unallocated surplus, $127.7 million in reserve funds, $43.9 million in outstanding debt and $681 million of net book value tangible capital assets at the close of last year, the City remained in a stable financial position.
Section 8a
Motion carried.

Setting up Economic Development
Council endorsed setting up an “in-house” economic development function. The process will include forming an Economic Development Strategic Planning Committee (EDSPC) consisting of the Mayor, two members of Council, City staff and community stakeholders. 
Section 8 b
Motion carried.

Projects earmarked for Gas Tax funding 
Building new sections on the Waterfront Walkway, a project to establish an emergency water supply and a program to assess the condition of City facilities and parks will be put forward for Gas Tax funding. 
Section 8 c
Motion carried.

Yacht Club lease extended
The Nanaimo Yacht Club renewed its lease with the City until 2021. The rent will increase to $160,020 with $53,540 in assistance from the City. 
Section 9 a
Motion carried.

Development around Nanaimo
A proposed development for a 5.5 story building that includes a mixture of multi-family rental and commercial units at the site of the old City Annex building got the green light from Council with a variance to increase the maximum allowable building height. 
Section 9 e

Construction not completed
The property at 432 Howard Avenue received a notice on title for construction not completed according to conditions of the building permit.
Section 9 b
Motion carried.

Construction started without a permit
The properties located at 450 Prideaux Street and 505 Marisa Street received a notice on title for starting construction without a permit.
Sections 9 c, d
Motion carried.

May 1, 2017 Agenda Addendum
May 1, 2017 Video

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