Ontario government will take over the Gardiner Expressway and the Don Valley Parkway from Toronto
The agreement will provide Toronto with up to $1.2 billion in financial relief over three years
The province will move the Ontario Science Centre to Ontario Place
Toronto has agreed to build more than 74,000 homes by 2025, focusing on transit density
Toronto will not obstruct the province's plans to overhaul Ontario Place
In a significant agreement between the Ontario government and the city of Toronto, the province will assume control of the Gardiner Expressway and the Don Valley Parkway. This move is expected to alleviate the city's financial burden, potentially saving billions of dollars. In return, Toronto will not obstruct the province's plans to overhaul Ontario Place, a contentious issue that has faced opposition, particularly over the government-funded parking garage and the lease with European company Therme for a $350-million spa and waterpark.
The agreement includes a financial relief package for Toronto, amounting to up to $1.2 billion over three years. This comes at a crucial time as the city is facing a $1.5 billion shortfall in its 2024 budget alone. The deal also includes $750 million for 55 new subway trains for Toronto's Bloor-Danforth Line, conditional on matching federal support. Additionally, the province will provide Toronto with $300 million in one-time funding to help with safety, recovery, and sustainability on the city's transport network.
As part of the agreement, Toronto has committed to building more than 74,000 homes by 2025, focusing on transit density. The deal also includes funds for homeless shelters and beds, and funding for refugees. In a significant move, the province will relocate the Ontario Science Centre to Ontario Place.
Toronto Mayor Olivia Chow confirmed during the news conference that council will be ceding city-owned land to the province for the redevelopment. The agreement is expected to provide $7.6 billion in capital relief for the city, and $1.2 billion in operational relief over the next three years.
The agreement includes funds for homeless shelters and beds
The province will move the Ontario Science Centre to Ontario Place
The development plans have faced opposition, particularly the government-funded parking garage and the lease with European company Therme for a $350-million spa and waterpark
The province will provide Toronto with $300 million in one-time funding to help with safety, recovery, and sustainability on the city's transport network
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