The information release comes by way of an infographic presentation that came with the release earlier this week of the plans to make use of Legacy Inc as part of the city's ambitions towards providing for parcels of land towards housing for the years ahead.
The three page Legacy relay, provides a bit of history on the financial instrument as well as to how the City champions the Legacy Fund towards infrastructure and other needs.
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The overview makes note as to how Legacy is accountable to the public, mostly through the Inspector of Municipalities.
Though when it comes to how the workings and decision making for the financial instrument are considered through the year; we don't learn much about what form of oversight there is of the Legacy regimen by City Council and how it may engage towards such on behalf of the residents.
There have not been many public updates on the workings of the Legacy project since it was created by the Jack Mussallem council back in 2014, something which is evident through the sparse number of entries to the theme on the City's website page dedicated to the Legacy Inc.
Since its creation, successive Council collectives have rarely made extensive mention of the city's go to fund, whether it be for important infrastructure projects or other items that they have put in place thanks to the funding available from the financial pool.
For the most part, residents only really hear of Legacy participation when some large purchase or lease arrangement is announced (such as yesterday's MacCarthy GM facility plans), or an infrastructure project os announced.
And while the new information release is helpful, a wider public presentation with the members of the Board for Legacy to explain the workings of the financial instrument might be something for Council to put forward
As well, such a forum would offer Council members to outline how they approach the use of the dividends and what kind of process they use to determine if the plans that they put forward are the best use of those dividends.
The highest profile piece of Legacy Inc. is its stewardship over the Watson Island Intermodal Trade and Logistics Park which currently hosts Pembina Pipelines LPG terminal as well as Bollore Trainload and the offices of SGS which works with local grain operators.
The status of the Watson Island footprint however, much like Legacy itself has not been one that makes for much conversation by Council, nor has there been an update on developments and financials for the project in a while.
With the City making its use of the Legacy financial instrument a key element of this years Budget making and this being an election year, it could be a good opportunity for Council to provide for a wider update on their use of Legacy and to provide a deeper glimpse into how it works and how the city can provide more extensive information as to how they decide on how to allocate the funding from it.
As well, a public forum would offer the chance for the public (who in the end a really the shareholders for Legacy) to ask question about the workings of City's financial instrument and perhaps clear up any mis-conceptions as to how it has been put to use since its creation in 2014.
What few notes we have gathered from past council commentary on Legacy Inc. can be explored from our archive pages here.
More items of interest on the work of City Council can be reviewed here.
Cross posted from the North Coast Review.
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