ClaireYeg
New Member
Here are a few salient points we wanted to outline from the agreements:The report and the supporting documents are now live.
- Full alignment with the 6 principles established by City Council and contained in the Master Agreement Framework
- All capital and operating costs borne solely by PSG – no subsidies direct or indirect from the City
- All land leased or licensed at market value as established by the City
- Leases of City land for where the towers and stations will be
- No land will be used for other development, and no option for it
- Leases are 30 years with the option to renew twice
- PSG to pay the full measure of municipal taxes
- PSG to indemnify the City for all liabilities arising out of operation of the system. Robust insurance program agreed to with City.
- Business case for commercial viability as a purely private sector investment validated by world leading third party experts (PwC and Steer Group)
- Viability of business further reflected by Doppelmayer's willingness to finance the gondola equipment and Funis' interest as a material foreign direct investor
- Business case reviewed with the City Administration on a confidential basis as required by the Master Agreement Framework
- PSG has agreed to provide decommissioning security to the City for the construction period and the full term of the lease that will provide the City for direct recourse to funds to remove the gondola infrastructure and stations and restore all land to its previous condition.
- No public funding requested, and all financial risk borne by proponents.
- Open books to the City for validation on a confidential and proprietary basis.
- A robust engagement plan for community and Indigenous stakeholders.
- Mutually beneficial integration with public transit.
- Minimized ecological footprint.
- Provide surety, including monetary security, with respect to service continuity or demobilization.