The City of Toronto Policy and Finance Committee unanimously endorsed today a staff report recommending acceptance by City Council, in principle, of the development proposal of the Toronto Waterfront Revitalization Task Force.

In his presentation of the report called Our Toronto Waterfront: Building Momentum, Chief Administrative Officer Michael Garrett said, "The Task Force proposal underlines the tremendous opportunity that the waterfront offers the City. It would be one of the largest urban revitalization projects in the world. As a conceptual plan it is a very positive first step. More detailed studies of some aspects of the proposal will be required."

The report contains several other recommendations, including:

• That City Council request senior staff to develop, in consultation with the appropriate City agencies, a new Official Plan and Zoning By-law for the central waterfront that is consistent with the development concept in the Task Force proposal
• That City Council adopt accountability, financial protection to the City, a public input mechanism, the ability to enable private investment and the ability to implement decisions quickly as principles to guide the development of a waterfront governing body.
• The federal and provincial governments commit to providing, as a priority, the proposed $2 billion in bridge financing recommended by the Task Force.
• Alternate roads be completed and significant GO Transit and TTC Union Station improvements occur before the elevated section of the Gardiner Expressway is replaced.
• The federal and provincial governments be requested to enter into discussion with the City to identify strategies to deliver affordable rental housing as part of the proposed waterfront development.

Members of the Committee focused discussion on the revenue options of the report; on the report's application to all of Toronto's waterfront; and on the transportation aspects of development.

The Toronto Waterfront Task Force proposal, if approved by City Council, would be the city's largest-ever construction project and would result in:

• $12 billion in new investment in Toronto, 60 per cent of which would be financed by the private sector
• 50 million square feet of new construction - equal to the floor space of 25 SkyDomes. Ten million of this would be commercial and industrial
• 170 hectares (400 acres) of new parkland - bigger than High Park
• 165,000 person-years of employment during construction in Toronto and other areas of Ontario
• 25,000 permanent jobs
• 40,000 new housing units, at least one-quarter of which would be affordable rental housing
• two million more visitors to Toronto each year - an increase of 10 per cent
• $800 million in transit improvements
• 100,000 additional TTC trips per day, an eight per cent increase in overall TTC ridership. This is equivalent to two new 504 King streetcar routes.
• $1.2 billion in new roads
• $490 million to clean up contaminated soil and ground water
• $320 million to improve near-shore water quality
• $95 million to restore the habitat of the mouth of the Don River, improve water quality, help with flood protection and realign waterway
• as much as $100 million in new annual property tax revenue, based on current tax rates

Background

• Toronto's waterfront has been the focus of many studies, beginning with the 1911 plan prepared by the Toronto Harbour Commission. In 1999, the City of Toronto's Urban Development Services released its report Unlocking Toronto's Port Lands. Our Toronto Waterfront: Building Momentum builds on this tradition of waterfront renewal.
• On November 3, 1999 Mayor Lastman, with the support of the Premier Harris and Prime Minister Chrétien, announces a new vision of Toronto's waterfront. The vision is outlined in a document called Our Toronto Waterfront: The Wave of the Future. The focus is on reconnecting the city to the lake as an integrated whole.
• At the same time, the Mayor announces the creation of the Toronto Waterfront Revitalization Task Force. Its mandate includes: reviewing existing plans for the waterfront; preparing an inventory of waterfront assets held by the three governments; developing a strategic master plan to combine open space, recreational, residential, commercial and entertainment uses and examining infrastructure enhancement requirements, including transportation, services, parks and environmental remediation.
• The Task Force releases its report on March 27, 2000. It recommends reconnecting the City with its waterfront from a physical, economic and social point of view. Among other recommendations: removing the central section of the Gardiner Expressway; creating a "Convergence Centre" to take advantage of Toronto's unique position in the new economy; and immediately launching public consultations by the City of Toronto, the Province of Ontario and the Government of Canada.
• During late April, May and June working groups of staff assess the governance, planning options, infrastructure, economic and financial impact of the Task Force proposal.
• Public consultations are held from June 12-19. The public is enthusiastic about reclaiming the waterfront. There is an expressed need for more information about the environmental, transportation and development approval processes, in order to refine and implement the proposal.
• On July 20 Our Toronto Waterfront: Building Momentum, the City's report on the Task Force proposal, is approved with amendments by the Policy and Finance Committee.
• On August 1-3, Our Toronto Waterfront: Building Momentum, goes before Council.
• Contingent on approval by Council, work on the new Central Waterfront Official Plan and Zoning By-law can begin. To maintain momentum, the new Central Waterfront Official Plan and Zoning By-law should be subject to the normal statutory requirements and ready for adoption by a newly elected Council in January 2001.
• The City will also need to begin discussions with the federal and provincial levels of government to establish a Toronto waterfront governing body and to firm up financial and partnership agreements.