The revitalization of Toronto's waterfront has been a remarkable success, generating billions in economic development and thousands of jobs. As Waterfront Toronto's seed money runs out, why is the agency facing obstacles in raising more funds?
"As investments go, Toronto’s waterfront has turned out to be one of the best," says Christopher Hume. "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."
"Having spent $1.26 billion of its seed money, the agency will soon run out of cash," notes Hume. "That makes it a matter of some urgency."
"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."
Read the full story: Waterfront Toronto pumps billions into economy and now needs power to raise revenue: Hume
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