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July 20, 2000
Policy And Finance Committee Endorses City Report on Waterfront
  
The City of Toronto Policy and Finance Committee unanimously endorsed today a
staff report recommending acceptance by City Council, in principle, of the
development proposal of the Toronto Waterfront Revitalization Task Force.

In his presentation of the report called Our Toronto Waterfront: Building
Momentum, Chief Administrative Officer Michael Garrett said, "The Task Force
proposal underlines the tremendous opportunity that the waterfront offers the
City. It would be one of the largest urban revitalization projects in the
world. As a conceptual plan it is a very positive first step. More detailed
studies of some aspects of the proposal will be required."

The report contains several other recommendations, including:

· That City Council request senior staff to develop, in consultation with the
appropriate City agencies, a new Official Plan and Zoning By-law for the
central waterfront that is consistent with the development concept in the Task
Force proposal

· That City Council adopt accountability, financial protection to the City, a
public input mechanism, the ability to enable private investment and the
ability to implement decisions quickly as principles to guide the development
of a waterfront governing body.

· The federal and provincial governments commit to providing, as a priority,
the proposed $2 billion in bridge financing recommended by the Task Force.

· Alternate roads be completed and significant GO Transit and TTC Union Station
improvements occur before the elevated section of the Gardiner Expressway is
replaced.

· The federal and provincial governments be requested to enter into discussion
with the City to identify strategies to deliver affordable rental housing as
part of the proposed waterfront development.

Members of the Committee focused discussion on the revenue options of the
report; on the report's application to all of Toronto's waterfront; and on the
transportation aspects of development.

Our Toronto Waterfront: Building Momentum now goes to Council during the August
1-3 session. For copies of the report please visit the City's Web site.

Fact sheet and backgrounder.


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