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October 30, 2006
TEDCO to Purchase CP Express Property in Toronto’s Portlands
  
Agreement will kick-start Green Corridor within Proposed Commissioners Park

The Toronto Economic Development Corporation (TEDCO) has entered into an agreement with CP Express & Transport Ltd (CPET) to purchase approximately seven acres of land and settle an outstanding environmental claim initiated by TEDCO.

CPET has agreed to transfer the lands located at the corner of Commissioners Street and the Don Roadway for an undisclosed sum. "CPET has met its environmental obligations responsibly as a good corporate citizen with clean up costs reflected in the purchase price," declared TEDCO President and CEO Jeffrey Steiner.

Currently vacant, the approximately seven-acre site was used by CPET, a transportation company, until it ceased operations at this location in the late 1990’s. With the purchase by TEDCO and settlement of its environmental claim, the lands will be made available for the first stages of the proposed Commissioners Park and a Green/Wildlife Corridor long awaited by the neighbouring community. "The local city councillor has been strongly encouraging TEDCO to help facilitate the creation of the Green Corridor and this land acquisition is a key part of that strategy," Steiner said.

The lands will be incorporated into a park, together with other property already owned by TEDCO, as part of the public spaces plan developed by the Toronto Waterfront Revitalization Corporation (TWRC) and the City of Toronto’s Parks, Forestry and Recreation Division. Funds for land acquisition, park planning and eventual construction have been contributed to the TWRC by the City, Provincial and Federal Governments.

About TEDCO
TEDCO is an Ontario business corporation with the City of Toronto as its sole shareholder. It is a self-financing, arms-length corporation governed by an 11-person board of directors appointed by City Council. It currently owns over 500 acres of land across the City of Toronto and leases properties to 80 businesses. TEDCO is designated as the city-wide redevelopment arm for the City of Toronto. TEDCO was incorporated in 1986 and celebrates its 20th anniversary in 2006.

Media contact:
Jeffrey Steiner, TEDCO President & CEO, 416-214-4641,
jsteiner@tedco.ca


 

 

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