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Toronto submits business plan for world's fair
Aug. 10, 2006. 01:00 AM
VANESSA LU
CITY HALL BUREAU CHIEF
Expo officials have sent a business plan to Ottawa that they hope will help kick-start a decision by the federal government on whether to underwrite Toronto's bid to host the 2015 world's fair.
Michel Frappier, newly hired chief operating officer of the Toronto Expo 2015 corporation, said the business plan was sent to Heritage Canada officials yesterday.
In addition, Toronto officials will be making a presentation to bureaucrats in Ottawa today.
"We'll walk them through the vision, major events and cost estimates," said Frappier.
Last month, there was much confusion over whether Toronto had submitted a business plan.
At an event attended by both Mayor David Miller and Finance Minister Jim Flaherty, Miller insisted that one had been submitted — but just a few metres away Flaherty said none had been handed in.
"The minister has been pretty adamant that he's not going to move this forward without a business plan," said Flaherty spokesperson Dan Miles yesterday.
"Our anticipation is that we're going to get a business plan."
It turns out the city submitted a consultants' report done by Price Waterhouse Coopers outlining projections from how many jobs would be created to potential tax revenues for the federal and provincial governments.
Under the city's plan, Ottawa, Queen's Park and the city need to share $2.8 billion in upfront costs to clean up contaminated soil, build pavilions, upgrade public transit and make other improvements. Even though the fair would generate $2.7 billion in income and sales taxes for Ottawa and $2 billion for Queen's Park, it is still projected to lose up to $700 million.
Frappier, who just started last week, said the numbers in terms of costs "may be exaggerated" and "the returns highly conservative."
He argued that the projected $700 million deficit is probably too high.
Ultimately, the city needs Ottawa to sign on to the bid, which must come from the national government.
The deadline to bid is Nov. 3, but Toronto Councillor Brian Ashton, who has been leading the city's bid effort, said the sooner one can be submitted the better.
"Politically, you need to impress upon the BIE (Bureau International des Expositions) that we're extraordinarily serious," said Ashton.
"Other cities and other countries are watching."
So far, only Izmir, Turkey, has officially said it will be bidding, though there are rumours Moscow or Milan may bid, he said.
Link to article
Toronto submits business plan for world's fair
Aug. 10, 2006. 01:00 AM
VANESSA LU
CITY HALL BUREAU CHIEF
Expo officials have sent a business plan to Ottawa that they hope will help kick-start a decision by the federal government on whether to underwrite Toronto's bid to host the 2015 world's fair.
Michel Frappier, newly hired chief operating officer of the Toronto Expo 2015 corporation, said the business plan was sent to Heritage Canada officials yesterday.
In addition, Toronto officials will be making a presentation to bureaucrats in Ottawa today.
"We'll walk them through the vision, major events and cost estimates," said Frappier.
Last month, there was much confusion over whether Toronto had submitted a business plan.
At an event attended by both Mayor David Miller and Finance Minister Jim Flaherty, Miller insisted that one had been submitted — but just a few metres away Flaherty said none had been handed in.
"The minister has been pretty adamant that he's not going to move this forward without a business plan," said Flaherty spokesperson Dan Miles yesterday.
"Our anticipation is that we're going to get a business plan."
It turns out the city submitted a consultants' report done by Price Waterhouse Coopers outlining projections from how many jobs would be created to potential tax revenues for the federal and provincial governments.
Under the city's plan, Ottawa, Queen's Park and the city need to share $2.8 billion in upfront costs to clean up contaminated soil, build pavilions, upgrade public transit and make other improvements. Even though the fair would generate $2.7 billion in income and sales taxes for Ottawa and $2 billion for Queen's Park, it is still projected to lose up to $700 million.
Frappier, who just started last week, said the numbers in terms of costs "may be exaggerated" and "the returns highly conservative."
He argued that the projected $700 million deficit is probably too high.
Ultimately, the city needs Ottawa to sign on to the bid, which must come from the national government.
The deadline to bid is Nov. 3, but Toronto Councillor Brian Ashton, who has been leading the city's bid effort, said the sooner one can be submitted the better.
"Politically, you need to impress upon the BIE (Bureau International des Expositions) that we're extraordinarily serious," said Ashton.
"Other cities and other countries are watching."
So far, only Izmir, Turkey, has officially said it will be bidding, though there are rumours Moscow or Milan may bid, he said.