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www.insideHALTON.com | OAKVILLE BEAVER | Thursday, D ecem ber 2 2 , 2 0 1 6 | 18 Town moves toward a Municipal Development Corporation by Nathan Howes Oakville Beaver Staff The Town of Oakville is looking to launch a Municipal Development Corporation (MDC) to ensure once-public property is developed in accordance with council' s vision. In June, a business case for an MDC was approved. Earlier this month, a $100,000 budget, funded from the tax stabilization reserve, was approved to cover costs of professional advice on how to structure an MDC. The MDC and Town staff must report back to council with a budget and governance proposal, including a proposed board structure and a final shareholder direction and unanimous Halton W o m e n 's Place presen ts: G a la a n d A u c t io n 0 C o c k ta il R ecep tion, s it-d o w n d in n e r, o p e n b a r, e n te rta in m e n t, liv e & s ile n t a u c tio n , a d ia m o n d d ra w , a chance to w in tw o tic k e ts a n y w h e re A ir C anada flie s , d a n c in g a n d m o re! S atu rday F e b ru a ry 25, 2 0 1 7 O a k v ille C o nference C entre 5 :3 0 p m re c e p tio n , 7 :0 0pm d in n e r $1 50 p e r tic k e t o r $ 1 200 fo r a ta b le o f 8 C o m e e a r ly to g e t y o u r "S te p & R e p e a t" p h o to ta k e n ! *Pay b e fo re D e cem ber 31st, 20 16 a n d re c e iv e a ta b le o f 8 fo r $1100! F o r tic k e t in fo rm a tio n , please c o n ta c t c b o z z o @ h a lto n w o m e n s p la c e .c o m / 9 05-33 2-1 200 e xt. 222 a W - M ED IA SPONSORS 1ho GREG H a lt o n W o m e n s P la ce H ealthy R elationships · H ealthy C om m unities Ev e n t S p o n s o r KJJCHMA f team shareholder declaration, prior to any real estate transactions being undertaken by the new corporation. Until a subsequent report is brought to council, the MDC will not become active in any real estate transactions or development. The proposed MDC was put before the public at a "lightly-attended" Sept. 7 consultation at Town Hall. It was hosted by Jim Knighton, realty services manager, and representatives from N. Barry Lyons Consultants (NBLC), a firm retained to do a Public Works Implementation Study, which included the creation of an MDC business case. Just two residents, who represented their local residents' associations, attended the public meeting. One was Janet Haslett-Theall, president of the Joshua Creek Residents Association (JCRA), who addressed concerns in a follow-up email and requested extensive reporting back to council. "While the documents shared to date discuss an annual report, given the sensitivity of any public land sale and the costs involved, as well as the value creation, a more comprehensive measurement tool should be recommended," Haslett-Theall noted. Consultants noted boards are typically composed with representatives from council and experts on real estate development, which often includes senior municipal staff. Once Town council has authorized the MDC to dispose of lands, the corporation would be able to deploy available safeguards to "limit a future owner' s ability to apply for changes in land use," according to the report. This would potentially be achieved through restrictive covenants registered on title or an ability to purchase the land back at a reduced value in case it isn' t developed as approved within a specific timeframe. After receiving public feedback, staff plan on moving ahead with the process by incorporating the MDC with an initial board, consisting of Oakville Mayor Rob Burton, the Towns Chief Administrative Officer and Commissioner of Corporate Services, as well as having an interim shareholder direction and unanimous Shareholder Declaration, in place. The initial board will then seek an independent third person to serve on the board of directors in place of the Commissioner of Corporate Services. Once approved, the board of directors, as then constituted, will be referred to as the interim board. Following that, staff and the interim board will acquire professional advice to ensure the Town is aware of the financial, legal and tax implications and options for funding the MDC, transferring real property to the MDC and receiving dividends or other payments from the MDC. Once the first three steps are completed, the MDC and staff will report back to council to identify funding requirements, reporting requirements and board structure, including potential board nominees. I r r e s i s t i b l e G i f t s o f t h e S e a s o n M IL K follow us: o o w a lk e rs c h o c o la te s .c a H a m ilto n | B u r lin g to n | O a k v ille