City councillors are drawing up a new deal to address the Barrie BIA’s financial commitment to a couple of big-ticket downtown projects.
The arrangement includes $300,000 toward the Dunlop Streetscape and the $3.35 million for Meridian Place, paid in full by 2042.
Barrie Coun. Sergio Morales, who is also chairman of the BIA board, said there are two sources for these payments.
“The Downtown Barrie BIA will be covering the money, partly through standardized annual payments from its budget, and through fundraising,” he said.
The Dunlop Streetscape debt of $300, 000 would be repaid during a 20-year, interest-free deal beginning in 2022 with an annual payment of $15,000.
The $1,512,946 commitment to the Meridian Place capital project would be repaid interest-free during 20 years, also beginning in 2022, with an annual payment of $75,647 and to be fully repaid by 2042. The BIA will include the minimum annual payment of $90,647 ($15,000 plus $75,647) as a base budget commitment within its annual budget submission presented to BIA members and to city council.
The BIA will continue co-ordinating the remaining community fundraising contributions of $534,667 related to the Meridian Place capital project, with any unfunded commitment being added to the BIA base budget submission in 2032, and repaid during 10 years interest-free.
City staff say the BIA has already fund-raised $1.3 million, which leaves its outstanding balance for Meridian Place at just more than $2 million.
The BIA is responsible for all aspects related to its fundraising activities, including the collection of any outstanding funds that have been promised.
“This repayment agreement aligns better with the lifecycle of Meridian Place and optimizes the Downtown Barrie BIA’s cash flows so they can be used with more impactful value for its membership,” Morales said. “As that impact is noticed and compounds, it will strengthen the fundraising proposition.”
The $16.1-million Dunlop Streetscape project resulted in wider sidewalks and provided downtown businesses with more attractive and accessible storefronts. The project also includes new streetlights, planters and trees to make for a new look and a greener downtown.
Meridian Place, located below Memorial Square, hosts outdoor live events on its modern stage, with canopy. It features pedestrian walkways, trees and green space plus views of Kempenfelt Bay and Barrie’s waterfront.
“To put simply, building Meridian Place was a watershed moment for the vitality of downtown,” Morales said. “And now the Downtown Barrie BIA will ensure it is leveraged and utilized to benefit all corners of the downtown.”
City staff recently met with BIA staff and members of the BIA board to discuss payment terms for the financial commitments. Staff have also been advised that the BIA board met Oct. 5 and approved city staff’s proposed payment terms.
Council will consider final approval of the financing deal at its Oct. 25 meeting.
