City Council -December 8, 2025 - Minutes - City of Richmond, BC

The question on Resolution R25/21-5 was not called as in response to queries from Council, staff advised that (i) after deconstruction and salvage of select elements, and planning work to date, $17.64 Million of the original $19.44 Million remains in the capital budget for the Phoenix Net Loft project, (ii) every year the amount is included when the 5 year financial plan bylaw is brought forward to Council, (iii) the contract with Scott Construction covered only the deconstruction of the Phoenix Net Loft and concluded once that work was complete, (iv) staff are currently working to respond to a Council referral to review reconstruction options and (v) staff will be providing Council with a memorandum in Q1 of 2026 with a status update, as well as details and a timeline for the public consultation plan, (vi) the long-term financial management strategy including the 1% to reserves supports sustainability by reducing unplanned borrowing, provides for well maintained facilities and ensures financial stability and flexibility to fund projects.

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