The Downtown Plaza final plan has come back to council with an increased projected price tag of $8,447,068.
Multiple price tags have been bantered back and forth since this project came to light a while ago, as previously reported earlier this year when an estimate of $6.6 million was one of those numbers.
Council is being asked at this coming Monday’s Council Meeting to authorize an additional $1.47 million in funding from the community growth initiatives line item in the 2022, ‘23 and ‘24 budgets. Further they are going to discuss approving the overall project cost of $8.4 million of which the city will be responsible for $5,347,068 along with the annual operating cost projected to be just over a quarter-of-a-million dollars.
As part of the project, staff has started a fundraising campaign with a total goal of $600,000. The Rotary Club of Sault Ste.Marie has already committed $200,000 according to a report being presented to council, leaving $400,000 remaining.
Any cost overruns and lack of fundraising will also be the responsibility of the city.
You can see how the city plans to spend the different funding sources for this project, including $2.5 million from the gas tax below.
In a related matter, it is also noted that City Council has already approved the purchase of 73 Brock Street as the future home of the Mill Market at a cost of $385,000 including legal fees. Stated as a separate project, City Staff have been instructed to collaborate with Mill Market SSM to finalize a budget, make recommendations to the City for contribution to the project and pursue funding applications to support the property’s development to house the Mill Market.
Stay with SaultOnline as we continue to update this and other city decisions at Monday’s council meeting.