Terminal Avenue Corridor Upgrades Phase 1

To seek Council direction to allocate funds to increase the budget for the Terminal Avenue Corridor Upgrades Phase 1 project and to advise council of a budget transfer to complete park upgrades at Italian Square Park & Pioneer Square Park.

That the Finance and Audit Committee recommend that Council: 1. Authorize the Mayor and Corporate Officer to enter into a Cost Share Agreement with the Ministry of Transportation and Infrastructure for the Terminal Avenue Corridor Upgrades Phase 1. 2. Increase the budget for the Terminal Avenue Corridor Upgrades Phase 1 project by $1,371,178 in 2023 funded by $805,054 from the General Asset Management Reserve Fund, $346,124 from the Water Asset Management Reserve Fund and $220,000 in private contributions. Terminal Avenue Phase 1 Terminal Avenue is an important gateway to Nanaimo’s downtown core. …