Robert Fung top choice to head Waterfront Revitalization Corporation |
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Toronto -- Financier Robert Fung, who headed the task force that designed a
plan to revive Toronto's waterfront, has been recommended as the Chair of the
new development corporation that will be responsible for implementing
In a joint announcement today, Federal Transport Minister and Minister
responsible for the Greater Toronto Area David Collenette, Ontario Deputy
Premier and Finance Minister Jim Flaherty and Toronto Mayor Mel Lastman
confirmed Fung as top choice for Chair of the soon-to-be-created Toronto
Waterfront Revitalization Corporation. Toronto City Council will be asked to
ratify the appointment at a meeting later this month.
"I would like to congratulate Mr. Fung on his selection as Chair of the Toronto
Waterfront Revitalization Corporation," said Collenette. "Under his dynamic
leadership, the vision for a revitalized Toronto waterfront has excited people
not only in the Greater Toronto Area but across the country. Bob's appointment
is a guarantee that this landmark project will move forward."
"I am very pleased that Mr. Fung is willing to accept this responsibility,"
Flaherty said. "His background in financing large-scale projects and his
experience in developing a plan for the waterfront make him the perfect choice.
He's a man of vision who knows how to get things done and that's exactly what
"I'm proud of the cooperation of the three governments in making this wave of
the future a reality today," said Lastman. "Renewing thousands of acres of
prime waterfront land in Toronto is one of the most important jobs the three
governments can undertake. I'm proud to go to City Council this month to
recommend Robert Fung as the man to lead this initiative on our behalf."
Each of the three levels of government has committed $500 million --
$1.5 billion in total -- to get the process of transforming Toronto's
waterfront moving forward. Over the next 10 to 20 years it is expected that all
46 kilometres of the city's waterfront, from the Humber to the Rouge River,
will be rejuvenated.
The new interim corporation Fung will chair is being created by an agreement
among the federal and provincial governments and the City of Toronto. The
interim corporation is being established to advance work on the first four
projects under the $1.5 billion funding commitment. Provincial legislation
creating a permanent agency is expected to be introduced this fall.
The first activities of the new corporation will involve construction of
large-scale infrastructure projects that will permanently improve Toronto's
waterfront, as well as support the city's bid for the 2008 Olympics. Work has
already begun on the first four projects, which represent a total of $300
million in new investment. They are:
- an expansion and improvement of public transit facilities at Union Station;
- environmental assessment of plans to transform the mouth of the Don River;
- environmental improvements to former industrial land in the Port Lands area;
- extension of Front St. from Bathurst to Dufferin streets with a new Gardiner
Expressway interchange west of Strachan Ave.
Robert Fung said, "I am gratified by the confidence placed in me. With the
support of the three levels of government, I am determined to get us to work
immediately to renew the waterfront for the people. The accomplishment of this
project will make all of us proud and ensure that Toronto can better seize the
opportunities of the 21st century."
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Biography of Robert A. Fung
Robert A. Fung is Deputy Chairman of Yorkton Financial Incorporated, Canada?s
leading high technology and biotechnology investment bank providing corporate
financial advice and strategy in the areas of mergers, acquisitions and capital
From 1980 to 1997, he was the vice-chairman and a director of Gordon Capital
Corporation. He was a senior member of the team that built that company into
one of Canada?s most innovative independent investment dealers at the time,
participating in many of Canada's largest corporate transactions. Much of his
efforts focused on corporate finance in the natural resources sector,
particularly in acquisitions in the oil and gas industry. Upon leaving Gordon
Capital, he joined Capital West where he was a senior partner.
From 1967 to 1978, he was vice-president and a director of Dominion Securities
Limited with responsibilities for its investment activities in Asia and the
Middle East. He began his career in the investment industry in 1964 with Wood
Mr. Fung is a member of the board of directors of a number of private, public
and charitable organizations. He is chairman of Crystallex International
Corporation, SMART Toronto, as well as a director of Mount Sinai Hospital,
Simon Lunenfeld Research Institute, Canada?s Export Development Corporation,
Asia Pacific Foundation of Canada, GLOBE Foundation of Canada, and StockHouse
Media Corporation. He was a member of the Prime Minister of Canada's Advisory
Committee on Asia Pacific Economic Corporation, as well as a member of the
Government of Canada's Department of Industry International Trade and
Agriculture Team Canada Inc. Advisory Board, which provided advice to the
Government of Canada in setting strategic direction and performance objectives
for Canada's International Business Development.
Mr. Fung chaired the Toronto Waterfront Revitalization Task Force on behalf of
the Government of Canada, the Province of Ontario and the City of Toronto. He
recently issued his report detailing a strategic business plan for the $12
billon renewal, development and financing of Toronto's waterfront.
Mr. Fung was born in Port of Spain, Trinidad. He studied at the University of
Toronto and has two sons, Robert and Mark.