In the first half of 2023, a Validation Report and a Business Plan will be presented to Council. These two documents together will provide Council with the information they need to see clearly if the project will be successful and can move ahead.
The Business Case is a document that explains how the benefits of this project outweigh its costs and why it should proceed. It is the why, what, how, and who of the project and should offer a full look at how the project benefits Loyalist. The document will also outline the financial implications and present different ways to cover the capital and operating costs of the hub.
The Validation Report is a document prepared by the Contractor and the Design Team (engineers and architects) to provide detailed project information. This includes construction costs and the timeframe needed to meet the various construction and project milestones. This report will confirm the Business Case and identify any areas that might adversely impact the success of the hub project.
In addition to the $16.5 million in Federal funding Loyalist received from the Green and Inclusive Community Buildings Fund, the community hub project costs will be covered through a combination of:
- general rate capital contributions
- existing reserve funds
- Development Charges
- partnerships
- debt servicing
- community fundraising efforts
We will also continue to seek more grant funding to support the project and have already submitted several grant applications that are currently under review.
Still from Global News
Contact Us