MAKE IT HAPPEN TASK FORCE

 

PROJECT TERMS OF REFERENCE

 

Working Group #4:  Letters of Credit

 

Project Name:    Letters of Credit

Sponsor:              Make it Happen Task Force

Chair:                  Councillor Alex Chiu                       ext. 7752                           achiu@markham.ca

Lead:                   Alan Brown                                      ext. 7507                           abrown@markham.ca

Team:                  Barbara Cribbett                             ext. 4735                           bcribbett@markham.ca

                            Kevin Young                                     ext.3050                            kyoung@markham.ca

                            Michael Montgomery                       905-887-0090 ext 409      mmontgomery@angusglen.com

                            Sal Crimi                                          905-787-1542                   scland@rogers.com

                            Peter Murphy                                   905-669-5571                  pmurphy@metrusdev.com

Project Purpose: 

To examine and make recommendation related to the letter of credit processes for the Town of Markham including value of letters of credit, reductions, releases, administration, risk management.

 

Project Scope/Deliverable:

Review Town of Markham and developers current practices related to Letters of credit and specifically.

·        Requirements for Letters of Credit (pre-servicing, agreements)

·        Value of Letter of Credit

·        Reduction/release process and requirements

·        Other municipalities processes

·        Risk management

·        Streamlining of processes (Amanda 5)

Overall Timeline / Milestones:

Project Terms of Reference approval:   End of May

Analyze issues and opportunities:                      June/July/August

Generate solutions:                                           August

Report to Task Force:                                      September

Report to Council                                             October/November

Implement solutions                                          Phased implementation starting 2008

 

Measurable Success Indicators:

Implementation of a streamlined process and Markham holding securities to meet its risk management obligations

 

Additional Resources Required:

  • Internal – Urban Design, Operations, Fire, Water, Legal and Clerks
  • Funding and implementation of Amanda 5
  • Developer education

 

Constraints/Assumptions:

Maintaining a reasonable risk management for the corporation.

 

 

 

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