Toronto -- Financier Robert Fung, who headed the task force that designed a plan to revive Toronto's waterfront, has been recommended as the Chair of the new development corporation that will be responsible for implementing waterfront revitalization.

In a joint announcement today, Federal Transport Minister and Minister responsible for the Greater Toronto Area David Collenette, Ontario Deputy Premier and Finance Minister Jim Flaherty and Toronto Mayor Mel Lastman confirmed Fung as top choice for Chair of the soon-to-be-created Toronto Waterfront Revitalization Corporation. Toronto City Council will be asked to ratify the appointment at a meeting later this month.

"I would like to congratulate Mr. Fung on his selection as Chair of the Toronto Waterfront Revitalization Corporation," said Collenette. "Under his dynamic leadership, the vision for a revitalized Toronto waterfront has excited people not only in the Greater Toronto Area but across the country. Bob's appointment is a guarantee that this landmark project will move forward."

"I am very pleased that Mr. Fung is willing to accept this responsibility," Flaherty said. "His background in financing large-scale projects and his experience in developing a plan for the waterfront make him the perfect choice. He's a man of vision who knows how to get things done and that's exactly what we need."

"I'm proud of the cooperation of the three governments in making this wave of the future a reality today," said Lastman. "Renewing thousands of acres of prime waterfront land in Toronto is one of the most important jobs the three governments can undertake. I'm proud to go to City Council this month to recommend Robert Fung as the man to lead this initiative on our behalf."

Each of the three levels of government has committed $500 million — $1.5 billion in total — to get the process of transforming Toronto's waterfront moving forward. Over the next 10 to 20 years it is expected that all 46 kilometres of the city's waterfront, from the Humber to the Rouge River, will be rejuvenated.

The new interim corporation Fung will chair is being created by an agreement among the federal and provincial governments and the City of Toronto. The interim corporation is being established to advance work on the first four projects under the $1.5 billion funding commitment. Provincial legislation creating a permanent agency is expected to be introduced this fall.

The first activities of the new corporation will involve construction of large-scale infrastructure projects that will permanently improve Toronto's waterfront, as well as support the city's bid for the 2008 Olympics. Work has already begun on the first four projects, which represent a total of $300 million in new investment. They are:

• an expansion and improvement of public transit facilities at Union Station;
• environmental assessment of plans to transform the mouth of the Don River;
• environmental improvements to former industrial land in the Port Lands area;
• extension of Front St. from Bathurst to Dufferin streets with a new Gardiner Expressway interchange west of Strachan Ave.

Robert Fung said, "I am gratified by the confidence placed in me. With the support of the three levels of government, I am determined to get us to work immediately to renew the waterfront for the people. The accomplishment of this project will make all of us proud and ensure that Toronto can better seize the opportunities of the 21st century."

Biography of Robert A. Fung

Robert A. Fung is Deputy Chairman of Yorkton Financial Incorporated, Canada's leading high technology and biotechnology investment bank providing corporate financial advice and strategy in the areas of mergers, acquisitions and capital markets.

From 1980 to 1997, he was the vice-chairman and a director of Gordon Capital Corporation. He was a senior member of the team that built that company into one of Canada's most innovative independent investment dealers at the time, participating in many of Canada's largest corporate transactions. Much of his efforts focused on corporate finance in the natural resources sector, particularly in acquisitions in the oil and gas industry. Upon leaving Gordon Capital, he joined Capital West where he was a senior partner.

From 1967 to 1978, he was vice-president and a director of Dominion Securities Limited with responsibilities for its investment activities in Asia and the Middle East. He began his career in the investment industry in 1964 with Wood Gundy.

Mr. Fung is a member of the board of directors of a number of private, public and charitable organizations. He is chairman of Crystallex International Corporation, SMART Toronto, as well as a director of Mount Sinai Hospital, Simon Lunenfeld Research Institute, Canada's Export Development Corporation, Asia Pacific Foundation of Canada, GLOBE Foundation of Canada, and StockHouse Media Corporation. He was a member of the Prime Minister of Canada's Advisory Committee on Asia Pacific Economic Corporation, as well as a member of the Government of Canada's Department of Industry International Trade and Agriculture Team Canada Inc. Advisory Board, which provided advice to the Government of Canada in setting strategic direction and performance objectives for Canada's International Business Development.

Mr. Fung chaired the Toronto Waterfront Revitalization Task Force on behalf of the Government of Canada, the Province of Ontario and the City of Toronto. He recently issued his report detailing a strategic business plan for the $12 billon renewal, development and financing of Toronto's waterfront.

Mr. Fung was born in Port of Spain, Trinidad. He studied at the University of Toronto and has two sons, Robert and Mark.