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October 20, 2000
Toronto's Waterfront Redevelopment "a reality" Mayor Lastman announces $1.5 billion to start huge project
Mayor Mel Lastman today predicted an enormous boom in Toronto's economy keyed
to $1.5 billion investment from three levels of government for revitalization
of our waterfront.

"Our waterfront vision is now a reality," said the mayor who was joined by
Prime Minister Jean Chretien and Premier Mike Harris. They all arrived by boat
to make the joint announcement.

"The federal and provincial government have put up $500 million each," said
Lastman. "The City's share of the costs will come out of our five-year
current capital budget for waterfront holdings plus a portion of our land

Today's three-level commitment will put Toronto's bid for the 2008 Summer
Olympics "over the top," Lastman said. It will also provide a lasting legacy
for the people of Toronto, Canada and Ontario.

"We have a bid keyed to redevelopment of our waterfront and now we can show the
IOC that we have the funding in place to build the greatest waterfront in the

"We will start immediately to work on establishment of a joint corporation to
co-ordinate and deliver this development. The three governments have already
directed senior staff to provide recommendations for this new organization."

Lastman lauded the prime minister and the premier for their quick action on
putting the funding in place.

"They are my new best buddies."

More information on the Waterfront.

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