ICBC-CITY OF RICHMOND ROAD IMPROVEMENT PROGRAM – 2024 UPDATE

April 19, 2024 -4- The agreement is provided by ICBC and generally includes an indemnity in favour of ICBC. Staff recommend that the Chief Administrative Officer and General Manager, Planning and Development, be authorized to execute any such funding agreements on behalf of the City. Financial Impact The total estimated cost of all the projects identified in Attachment 2 is $17,711,500. All projects are fully funded through previously approved Capital Budgets. Should any submitted projects receive funding from ICBC exceeding the original budgeted external contribution, staff recommend that the excess external grants be used to reduce the previously approved City funding sources, and that the Consolidated 5 Year Financial Plan (2024-2028) be amended accordingly. Conclusion ICBC is a long-time partner working with the City to promote traffic safety in Richmond. The traffic safety initiatives jointly implemented by ICBC and the City have resulted in safer streets for all road users in Richmond. Staff recommend that Council endorse the various local road safety improvement projects for submission to the 2024 joint ICBC-City of Richmond Road Improvement Program. Beata Ng, P. Eng. Manager, Transportation Development and Design ( 604-24 7-462 7) BN:kw Kevin Whitmarsh Project Leader, Transportation ( 604-204-8703)

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