City Secures Much-Needed Funding from Province
Mayor Olivia Chow and Premier Doug Ford recently announced that they had reached an agreement to that would see the Ontario government provide $400 million per year until 2026. The money will be directed toward our over-capacity shelter system, operating funding for the TTC including the Eglinton and Finch LRT projects, when they finally open, and capital dollars for new streetcars.
This funding is vital in the face of a $1.5 billion deficit heading into the 2024 budget. But it does come at a cost. I am deeply saddened that the announced agreement accepted the provinces ability to move forward on their plan to build a massive private spa at Ontario Place and acknowledges the prerogatives of the Ford government to move the Science Centre out of Flemington Park to Ontario Place. I continue to actively support both Ontario Place for All and Save the Science Centre's efforts.
Moreover, part of the funding is derived from the Ontario government agreeing to upload the Gardiner and the DVP from the City. This will free up approximately $200 million per year out of the $400 million negotiated. This is obviously a financially boom for Toronto. However, this move will likely eliminate the possibility of opening up an additional 5.6 acres in the Portlands for housing and greenspace through rebuilding the Gardiner east of Jarvis on the ground as Ford is likely to keep it an elevated expressway.
Read more...
