January 15, 2013, at 3:32 PM
Present:
J.F. Fontana, B. Polhill, W.J. Armstrong, J.B. Swan, S. Orser, J.L. Baechler, N. Branscombe, M. Brown, P. Hubert, D.G. Henderson, P. Van Meerbergen, D.T. Brown, H.L. Usher, J.P. Bryant, S. White, L. Rowe (Secretary)
Also Present:
A. Zuidema, J.P. Barber, J. Braam, B. Campbell, B. Coxhead, H. Filger, J.M. Fleming, P. Foto, M. Hayward, G. Kotsifas, L. Livingstone, S. MacDonald, V. McAlea Major, D. Mounteer, M. Ribera, C. Saunders, V. Sharma, J. Smout, J. Stanford, B. Westlake-Power
1. That it BE NOTED that no pecuniary
interests were disclosed.
2. Joint Venture - Fit
Program
Recommendation: That the following actions be taken with respect to the proposed Joint Venture Agreement between London Hydro Inc. and the London District Renewable Energy Cooperative: a) the attached proposed by-law (Appendix A) BE INTRODUCED at the Municipal Council meeting to be held on January 15, 2013; it being noted that the Civic Administration has not had sufficient time to engage in the standard due diligence process for reviewing the Joint Venture Agreement (supplied substantially in the form considered by the Board of London Hydro Inc.); it being further noted that staff at London Hydro Inc. have been advised as to the concerns raised and are prepared to address these concerns; b) the Municipal Council BE PROVIDED with a timely update, including financial details, on this initiative within the 120-day review period, in order to satisfy itself with respect to this initiative; it being pointed out that the Strategic Priorities and Policy Committee received a communication dated January 7, 2013 from P. Johnson, Chair, London Hydro Inc. and heard verbal delegations from the Managing Director, Corporate Services and City Treasurer/Chief Financial Officer, J. Smout, Solicitor II, D. Mounteer, Solicitor II and V. Sharma, CEO, London Hydro Inc., with respect to this matter.
The meeting adjourned at 4:39 PM.