Waterfront Revitalization Announcement

Federal Transportation Minister David Collenette, Provincial Deputy Premier and Finance Minister Jim Flaherty, honorable guests.

Every journey begins with a single step.

Our first step towards a new Waterfront was taken in November 1999 when all three levels of government committed to working together.

We launched the Fung Task Force and they produced a road map for the future.

Our second step was taken last October when these same government leaders committed to unprecedented political cooperation - and $1.5 billion in investment.

Today, we are taking a third step towards turning our waterfront vision into a reality.

The federal government, the province and the city have agreed to establish an interim board, which will oversee the first phase of our waterfront plan. The four projects we're about to announce are collectively worth $300 million - $100 million from each level of government.

The projects include:

• A new transportation gateway to our downtown by extending Front Street from Dufferin to Bathurst Streets.
• A new TTC subway platform at Union Station.
• Phase one of the environmental clean-up of the Portlands.
• An environmental assessment for the restoration of the mouth of the Don River.

These next steps will be going before Toronto city council in April - and this, ladies and gentlemen, is just the beginning!

We have also agreed to establish a permanent corporation, which will manage our multi-billion dollar vision and keep future projects on time and on budget.

A year and a half ago, we three levels of government promised a carefully measured vision of Toronto's waterfront redevelopment - our front door to the world.

That vision - sculpted by Bob Fung and approved by Toronto City Council - was of a magical place to live, to work and to play.

We are going to create a waterfront full of parks and public squares, indoor recreation centres and outdoor theatres.

It is going to be a fun place where entire families will spend the day. It's going to be a beautiful place where people of all ages from around the world will come to meet.

It is going to be a clean place where the air is safe to breathe and the water is safe to swim in.

I remember that water; I swam in it when I was a boy - and I'd like to think that my grandchildren and my great grandchildren will be able to swim in it, too.

Make no mistake here: I want the Olympics to come to Toronto, and today's announcement will help make that happen. Those 60 days in the summer of 2008 and the seven years leading up to the Olympics will be great for our city, our province and our country!

But our waterfront will be around long after the games are over: our waterfront is forever.

Redeveloping it is part of our strategy to make Toronto the First City of the 21st century.

Doing it right is an investment for the future. The waterfront is for more than the Olympics: they are two separate projects and all three levels of govenrment understand that.

The waterfront is for our children, and their children, and their children.

The magnitude of what we've proposed is staggering. The Portlands alone are 10 times bigger than London's Canary Wharf!

New York's Battery Park is dwarfed by the 46 kilometers of land we have to work with!

Toronto's waterfront redevelopment is a 30-year project that will create a magnificent gateway to our city.

I want to take this opportunity to thank the federal and provincial governments for their continued commitment to Toronto's waterfront revitalization.

Jean Chretien promised Ottawa would do its share - and once again, his government has lived up to its word.

Thank-you, Minister Collenette.

Premier Harris' enthusiasm for our waterfront has never waivered - and I want to thank you, Minister Flaherty, for your government's on-going commitment to this vision.

As I said in my opening remarks, every journey begins with a first step.

To date, we have taken three steps - and while we have many more to go before our journey is complete, our waterfront redevelopment is now well on its way.

There's no question it will be completed.

Thank you.