- Sep 21, 2013
- Reaction score
If my math is right...I got it. The toll will generate $160 Million per year. This report is saying that $1.40 of the $2.00 toll will need to go towards paying for the Gardiner rebuild over the first 10 years.
That's fine, in my opinion. Remember this road toll generating $160 Million/year isn't the only revenue source for transit. We also have the $70 Million property tax levy and $20 Million hotel tax, totalling $250 Million/year. The first four years of these revenues will be dedicated to the Gardiner and the rest is free to be used on transit. Let's not let those four years being dedicated to the Gardiner cause opponents to throw out potentially decades of sustained transit building progress. This is the closest we've been to having a municipal source to fund a continual program of rapid transit expansion. We need to push forward. Dedicating four years of revenue to the gardiner is a small price to pay for that.
$1.40 is 70% of the $2.00 toll.
30% of $160 Million a year is $48 Million a year. Over 30 years, that is about $1,440,000,000.
Sounds like the leftovers from the toll is enough to fund the Scarborough Subway cost overruns.