At the August 3rd meeting, Toronto City Council endorsed the recommendation of the Policy and Finance Committee to accept in principle the development proposal of the Toronto Waterfront Revitalization Task Force.

CAO Michael Garrett said, "Council's decision means we can get down to developing a work program, timing and budget for further, more detailed studies. This is an important milestone."

The staff report containing the recommendation achieved unanimous approval by the Policy and Finance Committee on July 20. The report - called Our Toronto Waterfront: Building Momentum - 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 principles to guide the development of a waterfront governing body, including accountability, financial protection to the City, a public input mechanism, the ability to enable private investment and the ability to implement decisions quickly.

— 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.