Google sister company Sidewalk Labs won’t pay the upfront costs of the transit project that’s critical to the its planned “smart city” neighbourhood on
Toronto’s waterfront, meaning the public sector will have to come up with the hundreds of millions of dollars required to build the new rail line.
Instead,
in its long-awaited master plan released Monday the company proposes giving up to $100 million in “credit support” to help finance the project, to be repaid later at a low interest rate.
But the LRT isn’t part the transit plans that are currently the subject of fractious debate between the city and province, meaning the viability of Sidewalk’s proposal could now hinge on city hall and Queen’s Park both agreeing to change course.
The 6.5-kilometre Waterfront East LRT would run from Union Station to the Port Lands along Queens Quay, and is estimated to cost at least $1.2 billion.
Although the city has been studying building the line for over a decade, it’s unfunded and there is no firm timeline for its construction.
The LRT is seen as essential to Sidewalk’s vision to redevelop Toronto’s Quayside and Portlands neighbourhoods, which would create roughly 30 million square feet of new development anticipated to generate 44,000 jobs and house 53,000 residents.
From:
https://www.thestar.com/news/gta/20...cal-to-smart-city-waterfront-development.html