The plan proposes spending $2.57B over the next 10 years Concerns over potential debt, a parkade for Pandosy Street and budgets prompted three councillors to vote against the city’s 10-Year Capital Plan. It proposes spending $2.57 billion over the next ten years on infrastructure to support growth, improve services, and renew existing assets. Financial Services Director Joe Sass told council at its Sept. 9 meeting that council nor the public will be asked to approve any debt this year or next. “Likely not until 2028-2029, assuming we deliver 100 per cent of this plan, we would be talking about maintaining the pace of the plan and debt that would be required to do that.”

Lovegrove’s concerns were echoed by other councillors, who expressed worries about the current budget being insufficient to meet the city’s growing needs. The city’s budget for the next fiscal year is projected to be $1.4 billion. This figure represents a 1.5% increase from the previous year. The budget includes a significant allocation for transit, active transportation, and other infrastructure projects.

The parkade is expected to be a five-storey building, with 600 parking spots, and will be located at the corner of Fifth and Main streets. The new parking structure will alleviate some of the city’s parking shortages, and will also provide a new revenue stream for the city. The parkade will be designed to meet accessibility standards, and will include features such as electric vehicle charging stations, bike racks, and accessible entrances.

“It’s a tool that can be used to achieve a variety of goals, from buying a house to starting a business. Debt can be a powerful force for good, but it can also be a powerful force for bad. It’s important to understand the risks and benefits of debt before you take it on.”

This statement highlights the importance of understanding the risks and benefits of debt before taking it on.