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September 29, 2008
New model to enhance Toronto's economic competitiveness
  
The City of Toronto is moving quickly to implement key recommendations contained in the Agenda for Prosperity and the Blueprint for Fiscal Stability and Economic Prosperity, Mayor David Miller announced today. Recommendations from those two documents and other reviews point to creating two high-powered, distinct corporations: one that will provide for more focused attention on real estate development and one that will focus on marketing Toronto as a business investment opportunity to create desirable jobs.

"The City is taking bold but necessary steps to strengthen Toronto's competitiveness and improve its position as a major international destination for business, investment and job creation," said Mayor Miller. "Two reports prepared with input from the corporate sector, educators, economists, labour and community leaders gave us excellent advice on how to accomplish those goals. Setting up two highly-focused corporations will allow us to better leverage the resources we have today for maximum impact in the future."

The two corporations will be:
- “Build Toronto” mission: unlock value in under-utilized and surplus City real estate by developing properties to stimulate desirable job creation and regenerate neighbourhoods, consistent with the City’s broader economic, social and environmental goals. While the majority of the City’s real estate, valued at $18 billion, is used to deliver municipal programs, the City will be aggressively looking to maximize development potential.

- “Invest Toronto” mission: market Toronto as an investment opportunity by engaging the private sector in promoting Toronto as a destination for business opportunities, organizing strategic trade missions, and coordinating economic development initiatives with governments and business.

Build Toronto and Invest Toronto fulfill the objectives of the City's Blueprint for Fiscal Stability and Economic Prosperity and the Prosperity Agenda. Both documents call for more rapid development of City, Agencies, Boards and Commissions surplus real estate and greater emphasis on attracting foreign direct investment to Toronto. The City believes it will best achieve its broad economic development objectives through the empowerment of two new arm’s-length corporations.

“Through maximizing the development potential of real estate assets, it is estimated that Build Toronto can generate significant new revenue for the City,” said Councillor Kyle Rae, Chair of the Economic Development Committee (Ward 27 Toronto Centre-Rosedale). “Through enhanced foreign investment marketing efforts, it is also anticipated that Invest Toronto will attract high quality jobs and millions of dollars of new commercial development.”

The Mayor and the City Manager will oversee implementation of the new structure. The boards of directors will be primarily from the private sector, chosen for their accomplishments in fields related to the mandate of each corporation. Top calibre CEOs will be recruited to lead each corporation following Council approval of the new corporate arrangement.

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; Anne McLaughlin, Strategic Communications, 416-397-5707, amclaug@toronto.ca

Backgrounder
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New Model to Enhance Toronto's Economic Competitiveness
The Randolph Group - NetGain Partners Report


 

 

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