Sarnia's mayor doesn't want to borrow externally or increase taxes over three years to pay for the Sarnia General Hospital redevelopment.
City council will consider a residential, commercial, medical project put forward by GFIVE Inc. when it meets Monday.
The agreement of purchase and sale would see the city pay a group of five local businessmen $5.4-million for site remediation and demolition.
Staff financing options include borrowing, drawing from reserves or adding 1% to the general tax levy in 2018, 2019 and 2020.
Mayor Mike Bradley says councillors are facing an August 1 deadline to approve the development.
He favours using this year's surprise surplus and finding ways within existing spending to finance the project in subsequent years.
"It would handicap the next couple of council years budgeting if they go for putting a 1% levy on or taking from reserves," says Bradley. "Our reserves are very much depleated and I'm very concerned if a extraordinary cost comes along, and we saw what happened with Centennial Park. If Centennial Park and the doubling of the costs had not happened, this financing wouldn't even be an issue for us."
Council delayed its decision on the proposal to give the public the chance to provide input but only one speaker is on the agenda for Monday's meeting that begins at 4pm.
Residents will be able to come forward during the public meeting to address council without notice if they wish.
