In February 2025, Council approved report CAO2025-008, providing $2,900,000 in funding for the 250 Lincoln Road property acquisition project.
This funding was to cover property acquisition, required capital improvements, consultant fees, legal and closing costs, future demolition, and annual ongoing operating expenses. Based on the intended future use to leverage the site for increased affordable housing, a portion of the funding required was received from the Housing Accelerator Fund (HAF) funding, as follows:
1) Council’s Community Priority and Contingency Reserve – Affordable Housing Program – $500,000 allocated as part of CORP2023-043
2) Housing Accelerator Fund – $750,000 (as per report CAO2025-020.1). HAF funding can only be used to support the property acquisition for the purpose of delivering targeted affordable housing
3) City Land Sale Proceeds – $1,650,000 from affordable housing contributions obtained from previous city-land sale proceeds To date, a total of $2,254,000 has been spent on the project for the property purchase and associated costs.
The demolition of the building to prepare the land for future development is anticipated to cost approximately $120,000. Additional costs will be Council Meeting Page 6 of 14 January 26, 2026 3 Chief Administrative Officer anticipated for studies, approvals as well as ongoing property maintenance. It is anticipated that this will be within the previously approved budget established by Council.