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October 29, 2008
New corporations will improve Toronto’s economic competitiveness
  
Toronto City Council has approved the creation of two new and innovative corporations to strengthen Toronto’s position in the global marketplace and enhance its economic competitiveness: “Build Toronto” and “Invest Toronto.”

“Toronto is taking bold steps to reshape our future and build a city that fosters prosperity, opportunity and liveability for all of its residents,” said Mayor David Miller. “The timing is right to engage private business and other orders of government in marketing Toronto as a business opportunity on the global market and to use surplus lands to create desirable jobs and rejuvenate targeted neighbourhoods.”

The two corporations will be closely aligned with City objectives, but will be able to act independently:
• “Build Toronto” will engage private and public sector partners in the development of under-utilized City real estate to unlock value, stimulate the creation of desirable jobs and regenerate neighbourhoods, consistent with the City’s broader economic, social and environment goals. The Blueprint for Fiscal Stability and Economic Prosperity (February 2008) recommended that the City establish a new structure and strategy for managing, coordinating, and maximizing the real estate holdings (conservatively estimated at $18 billion) of the City and its Agencies, Boards, and Commissions (ABCs).
• “Invest Toronto” will engage the private sector in promoting Toronto as an investment opportunity through marketing, conducting trade missions, and coordinating with other governments and business. The Agenda for Prosperity (January 2008) highlighted the need for a focused approach to internationalization and marketing efforts.

“These new corporations are focused on making Toronto a magnet for international development and investment, high quality jobs, and innovative business opportunities,” said Councillor Kyle Rae, Chair of the Economic Development Committee. “Taken together, the new corporations will ensure that Toronto has the powers, resources and talent to succeed in the global marketplace.”

The board of directors will initially be chaired by the Mayor and will include members primarily from the private sector. An extensive search will be undertaken to identify top caliber Chief Executive Officers and board members for both corporations. City Council is allocating $10 million for setting up and commencing operations, including the development of a business plan that identifies sustainable revenue sources. Implementation will proceed immediately and it is anticipated that “Invest Toronto” and “Build Toronto” will be staffed and fully operational in 2009. In the interim, to ensure a seamless transition, the board members of the two corporations and the Toronto Economic Development Corporation (TEDCO) will be the same. For more information visit: http://www.toronto.ca/toronto-competes/index.htm.

Toronto is Canada’s largest city and sixth largest government, and home to a diverse population of about 2.6 million people. It is the economic engine of Canada and one of the greenest and most creative cities in North America. In the past three years, Toronto has won numerous awards for quality, innovation and efficiency in delivering public services. Toronto’s government is dedicated to prosperity, opportunity and liveability for all its residents.

Media contacts:
Stuart Green, Deputy Director of Communications, Mayor’s Office, 416-338-7119, stugreen@toronto.ca
Patricia Trott, Strategic Communications, 416-392-8937, ptrott@toronto.ca


 

 

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