Winnipeg, MB - Executive Policy Committee will consider a report tomorrow recommending that City Council authorize the expenditure of up to $4.5 million for Assiniboine Park Conservancy (APC) to address their budget overage and ensure the highly-anticipated Journey to Churchill project will be completed.
The overage is primarily a result of the excessive cold this past winter and the related heating and hoarding costs to the project.
The City of Winnipeg, the Province of Manitoba, the Government of Canada and APC entered into an agreement for 25 per cent partnerships of up to $200 million toward the APC Capital Development Plan. To date, the City has contributed $28.6 million to the Journey to Churchill project.
This additional allocation of $4.5 million from the City will result in an approximate 30 per cent contribution from the City. Further Capital Development Plan grants to APC, due to exceeding the 25 per cent contribution level, will need to be considered and approved by Council.
In addition to these investments, the City provided a loan guarantee in the amount of $17 million to assist with cash flow for construction of the Journey to Churchill project.