AlvinofDiaspar
Moderator
This is a bit disturbing - from GraphicMatt @ Metro:
http://metronews.ca/voices/ford-for...ords-plan-for-funding-the-scarborough-subway/
So this proposal will suck up 66% of development charges across the entire city - I do have to ask, are the developments happening in the said corridor of the city? Sounds like they need to work on an acceptable financial plan for the project instead of pulling money from every pot without considering the impact to the rest of the city.
AoD
Everything Ford has said on the matter indicates that he’s pulling hard for the strategy on the right side of the chart. He’s said repeatedly that he will only accept a property tax increase of 0.25 per cent. When pressed, he’s admitted that the property tax increase needed for his plan is actually a full one per cent — it’s just that he wants to phase that one per cent in at a rate of 0.25 per cent per year.
To make it work, the province needs to cough up nearly $2.5 billion, an amount that, after inflation, is equal to the original $1.8 billion pledged by the province for the LRT project. At the same time, the federal government needs to come to the table with another $420 million. The remaining funding would be funded by a mix of development charges — to the tune of $100 million, or about 66 per cent of what the city currently takes in via development charges in a single year — and, yes, taxes.
http://metronews.ca/voices/ford-for...ords-plan-for-funding-the-scarborough-subway/
So this proposal will suck up 66% of development charges across the entire city - I do have to ask, are the developments happening in the said corridor of the city? Sounds like they need to work on an acceptable financial plan for the project instead of pulling money from every pot without considering the impact to the rest of the city.
AoD