As investments go, Toronto’s waterfront has turned out to be one of the best. Starting in 2001 with $1.5 billion of public finding and 810 hectares of prime lakeside real estate, Waterfront Toronto has since signed private-sector deals worth $2.6 billion and created 16,000 full-time years of employment.
In addition to that is the $9.6 billion generated by the “catalytic effects” of waterfront revitalization.
“We have more than doubled the original investment,” Waterfront Toronto’s CEO John Campbell told a news conference Wednesday. “The public/private approach is working.”
Despite Councillor Doug Ford’s accusations that waterfront redevelopment is a “boondoggle,” figures show it’s anything but. Indeed, with a decade left on its mandate, the tripartite agency has exceeded even its own expectations.
“In an innovation economy,” provincial Infrastructure Minister Glen Murray said, “the waterfront is critical. Clearly, the return on investment is here. But I think we haven’t engaged the private sector as much as we can. Now we’ve got to look at the next 10 years.”
Murray and Toronto Councillor Michael Thompson both used the occasion to argue that Waterfront Toronto needs enhanced governance powers, most importantly the ability to borrow money against its assets.
Having spent $1.26 billion of its seed money, the agency will soon run out of cash. That makes it a matter of some urgency.
“It’s time Waterfront Toronto be allowed to take on some debt,” said Thompson. “This organization needs to accelerate its investment.”
“We need to strengthen Waterfront Toronto,” Murray added. “So far, we have just scratched the surface.”
Two developers on hand for the event also praised the corporation. Both said it was key to their involvement in the waterfront. The pair was also adamant that the failure to build the promised LRT on Queens Quay E. has compromised its future.
Waterfront Toronto’s success comes at an auspicious moment for the city. Given Mayor Rob Ford’s often repeated disapproval of government spending, it’s important to remember that public sector investment can pay off handsomely.
The city’s take to date is $36 million. For the province, it’s $237 million; $348 million for Ottawa. That means Toronto gets its share, though it’s hardly fair.
Indeed, if Ford wanted to take on a real battle rather than some phony enemy, he might want to lead the charge to redraw a tax system that puts the city at such an obvious disadvantage.
Even federal Labour Minister Lisa Raitt, filling in for Finance Minister Jim Flaherty, seemed taken aback by the numbers, as well she might have been. In an earlier incarnation, Raitt was CEO of the Toronto Port Authority, a federal agency that made life as difficult as possible for Waterfront Toronto.
Money talks, of course, and its voice can now be heard loud and clear on the waterfront.
Though Murray is committed to giving the agency the revenue raising powers it needs, it remains to be seen whether the municipal and federal governments agree. The city did approve a scheme to give Waterfront Toronto borrowing powers, but that was back in 2006 under the regime of Ford’s predecessor, David Miller. Whether that’s something this council can live with has yet to be seen.
As Wednesday’s news event unfolded, the New York-based think tank Intelligent Community Forum was preparing to visit the city and its waterfront. Toronto made the shortlist for the “World’s Most Intelligent Community.”
Locals might choke at such an idea, but as long as the visitors stick to the waterfront and avoid City Hall, Toronto might just stand a chance.
Original Article
Source: thestar.com
Author: Christopher Hume
In addition to that is the $9.6 billion generated by the “catalytic effects” of waterfront revitalization.
“We have more than doubled the original investment,” Waterfront Toronto’s CEO John Campbell told a news conference Wednesday. “The public/private approach is working.”
Despite Councillor Doug Ford’s accusations that waterfront redevelopment is a “boondoggle,” figures show it’s anything but. Indeed, with a decade left on its mandate, the tripartite agency has exceeded even its own expectations.
“In an innovation economy,” provincial Infrastructure Minister Glen Murray said, “the waterfront is critical. Clearly, the return on investment is here. But I think we haven’t engaged the private sector as much as we can. Now we’ve got to look at the next 10 years.”
Murray and Toronto Councillor Michael Thompson both used the occasion to argue that Waterfront Toronto needs enhanced governance powers, most importantly the ability to borrow money against its assets.
Having spent $1.26 billion of its seed money, the agency will soon run out of cash. That makes it a matter of some urgency.
“It’s time Waterfront Toronto be allowed to take on some debt,” said Thompson. “This organization needs to accelerate its investment.”
“We need to strengthen Waterfront Toronto,” Murray added. “So far, we have just scratched the surface.”
Two developers on hand for the event also praised the corporation. Both said it was key to their involvement in the waterfront. The pair was also adamant that the failure to build the promised LRT on Queens Quay E. has compromised its future.
Waterfront Toronto’s success comes at an auspicious moment for the city. Given Mayor Rob Ford’s often repeated disapproval of government spending, it’s important to remember that public sector investment can pay off handsomely.
The city’s take to date is $36 million. For the province, it’s $237 million; $348 million for Ottawa. That means Toronto gets its share, though it’s hardly fair.
Indeed, if Ford wanted to take on a real battle rather than some phony enemy, he might want to lead the charge to redraw a tax system that puts the city at such an obvious disadvantage.
Even federal Labour Minister Lisa Raitt, filling in for Finance Minister Jim Flaherty, seemed taken aback by the numbers, as well she might have been. In an earlier incarnation, Raitt was CEO of the Toronto Port Authority, a federal agency that made life as difficult as possible for Waterfront Toronto.
Money talks, of course, and its voice can now be heard loud and clear on the waterfront.
Though Murray is committed to giving the agency the revenue raising powers it needs, it remains to be seen whether the municipal and federal governments agree. The city did approve a scheme to give Waterfront Toronto borrowing powers, but that was back in 2006 under the regime of Ford’s predecessor, David Miller. Whether that’s something this council can live with has yet to be seen.
As Wednesday’s news event unfolded, the New York-based think tank Intelligent Community Forum was preparing to visit the city and its waterfront. Toronto made the shortlist for the “World’s Most Intelligent Community.”
Locals might choke at such an idea, but as long as the visitors stick to the waterfront and avoid City Hall, Toronto might just stand a chance.
Original Article
Source: thestar.com
Author: Christopher Hume
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