Kitchener, region look to sign agreement outlining Charles St. Terminal financials

Preliminary work on the redevelopment of the Charles Street Terminal site continues — but a breakdown of financials is on the docket Monday afternoon.

At a committee meeting on Monday, the City of Kitchener and the Region of Waterloo, co-owners of the land are looking to sign a memorandum of understanding that outlines the financial obligations and responsibilities of each council for pre-development work.

Both Kitchener and the region own a portion of the lands, with the region holding the majority at 88 per cent. The document therefore outlines that the region would take on the bulk of the costs.

Preliminary work, which includes public consultations, land assessments and environmental studies is expected to total $840,000. If agreed, terms in the memorandum state that the region would carry all costs aside from public consultations, which will be split 50/50.

In addition, the City of Kitchener would pay for its percentage of ownership of the land at 12 per cent which, alongside their public consultation portion would total $120,000.

It’s noted that if this financial agreement is signed by both parties it does not signify approval by either council of future development of the Charles Street Terminal lands. That would have to be decided during deliberations at a future council meeting.