Asset Sale Proceeds - What should we do with the funds?

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Consultation has concluded

The estimated net proceeds from the sale of assets is $18.6 million.

This is the last time the Town will have this amount of funding available and, in terms of fiscal responsibility and sustainability, should not be considered a windfall. Once these funds are gone, they are gone.

The following options have been developed by staff as a starting point for Council and public discussion.

Debt Management

The total internal and external debt is $3,269,454.

Potential Project Funding

There are several potential projects that the funds, or a portion of the funds, could be directed toward.

- Collingwood Terminals

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The estimated net proceeds from the sale of assets is $18.6 million.

This is the last time the Town will have this amount of funding available and, in terms of fiscal responsibility and sustainability, should not be considered a windfall. Once these funds are gone, they are gone.

The following options have been developed by staff as a starting point for Council and public discussion.

Debt Management

The total internal and external debt is $3,269,454.

Potential Project Funding

There are several potential projects that the funds, or a portion of the funds, could be directed toward.

- Collingwood Terminals

- Extending Services to the “Spit” (the landform off our lakeshore featuring Heritage Dr. & Millenium Park)

- Seeking a Property in the Proximity of the Downtown Core and/or Waterfront Area

- Accommodation Study

Establish an Internal Loan Fund

This suggestion is a continuation of debt management and long-term planning. The reason behind this suggestion is to create an internal fund that would reduce or eliminate the need for future debenture financing.

Reserves

- Hospital Reserve Fund

- Working Capital Reserve Fund: This fund was established to provide a contingency for funding:

  • Temporary cash shortfalls minimizing the need for short-term borrowing;
  • Urgent, unforeseen expenditure requirements;
  • Unpredictable one time expenditures; and,
  • Business continuity in the event of a disaster or long term interruption of operations.

- Waterfront Master Plan Reserve Fund

- Lifecycle Replacement Reserve Fund/Asset Management Plan (AMP)

Legacy Funds

A legacy is defined as anything handed down from the past, as from an ancestor or predecessor. Council has an opportunity to create something that current and future generations will receive benefit from.

Community Foundation: Community foundations contribute time, leadership and financial support to local initiatives, helping people give back where their communities need it most.

Collingwood Legacy Fund: This suggestion would see a portion of the proceeds invested based on advice received from a professional fund advisor.

* For further details on any of the above, please see Staff Report T2019-01 on the right side of this page

Before Council makes a decision, we invite the public to share ideas and provide feedback!

Learn More

Consultation has concluded

  • Results of the Asset Sale Proceeds Idea Gathering Survey

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    Town of Collingwood Council and Staff have been listening to the people who live, work, and play in Collingwood, and are committed to community engagement and a two-way dialogue.

    From April 29, 2019 to June 30, 2019, the Town of Collingwood conducted an idea and feedback gathering engagement opportunity on Engage Collingwood on how to spend the estimated $18.6 million in net proceeds from the recent sale of assets. Residents could select their favourite ideas from a Staff-developed list of 11 opportunities, as well as share additional ideas.

    Overall, this idea and feedback gathering survey garnered 761 responses. 444 respondents left comments, 317 respondents did not leave comments, and 197 respondents left comments only and did not select from the Staff-developed list of opportunities. The comments received were wide ranging, and in many cases, contained more than one suggestion.

    Of the 11 Staff-developed options, Paying Down the Debt was the number one selection with 316 selections. There were 29 comments related to paying down the debt, with all being in favour of paying down the debt. 20 of the comments came from respondents who had selected the debt payment option, while 9 comments came from respondents who did not select the debt payment option.

    The Collingwood Terminals received 234 selections. There were 36 comments related to the Terminals. 19 comments came from respondents who selected the Terminals option and 17 comments came from respondents who did not select the Terminals option. 19 comments were in favour of demolishing the Terminals and using the land for an arts centre or greenspace.

    A Waterfront Master Plan Reserve Fund option received 210 selections and 27 comments. 12 comments came from respondents who selected the Waterfront master Plan Reserve Fund option, while 15 comments came those who did not select this option.

    A Hospital Reserve Fund option received 203 selections and 20 comments. 6 comments came from respondents who did not select this option, 2 of which were not in favour of funding for the hospital. 14 comments came from respondents who did select the option.

    The other 7 Staff-developed options received the following responses: Extending Services to the Spit (the landform off our lakeshore featuring Heritage Dr. & Millennium Park) received 127 selections, Establishing an internal loan fund received 95 selections, Purchasing property in or near the Downtown core received 78 selections, a Working Capital Reserve Fund received 70 selections, a Lifescycle Replacement Reserve Fund received 63 selections, a Legacy Fund received 47 selections, and an Accommodation Study received 38 selections.

    A number of new themes arose from the idea sharing opportunity in the survey. Support for Arts/Culture/Theatre received 189 comments, Road repairs received 38 comments, Recreation/Community/Multi-use Facility received 24 comments, and Trail Repairs received 21 comments. Other ideas included Splash pads, affordable housing, bike lanes/racks/trails, Sunset Point Park, sewer repairs, homelessness, youth, return funds to taxpayers, water repairs, sidewalk repairs, and 44 other one-of-a-kind ideas.

    This engagement opportunity, featured on Engage Collingwood, was promoted on the Town Website, Town Social Media, Experience Collingwood Social Media, Town Newsletter, the Town Pages in the Collingwood Connection newspaper, on Council & Committee livestreams on Youtube & Rogers TV, the Mayor’s Chats on Peak FM and Max FM, and local media news coverage.

    Thank you to all respondents for sharing feedback and ideas. Your feedback will help guide plan-building and decision-making for the asset sale proceeds. The public can view these ideas and comments on Engage Collingwood, along with a summary of the survey results.

    The Strategic Initiatives Standing Committee will be discussing the Asset Sale Proceeds and these survey results on Thursday, November 28 at 3:00 PM in Community Rooms B & C on the third floor of the Library. The public is invited to attend and there will be an opportunity for public commenting at this meeting.

    On Tuesday, December 10, there will be a “Coffee with Council” Open House event from 5:00 PM to 7:00 PM in the Town Hall Council Chambers that will feature a number of major municipal initiatives, including the Asset Sale Proceeds. This Open House will offer an informal opportunity for the public to gather information and discuss the Asset Sale Proceeds with Council & Staff.

    See the full Staff Report & Survey Results