Mayor Mel Lastman today predicted an enormous boom in Toronto's economy keyed to $1.5 billion investment from three levels of government for revitalization of our waterfront.

"Our waterfront vision is now a reality," said the mayor who was joined by Prime Minister Jean Chretien and Premier Mike Harris. They all arrived by boat to make the joint announcement.

"The federal and provincial government have put up $500 million each," said Lastman.

"The City's share of the costs will come out of our five-year current capital budget for waterfront holdings plus a portion of our land holdings."

Today's three-level commitment will put Toronto's bid for the 2008 Summer Olympics "over the top," Lastman said. It will also provide a lasting legacy for the people of Toronto, Canada and Ontario.

"We have a bid keyed to redevelopment of our waterfront and now we can show the IOC that we have the funding in place to build the greatest waterfront in the world."

"We will start immediately to work on establishment of a joint corporation to co-ordinate and deliver this development. The three governments have already directed senior staff to provide recommendations for this new organization."

Lastman lauded the prime minister and the premier for their quick action on putting the funding in place.

"They are my new best buddies."

October 20, 2000 — $1.5 billion for Toronto waterfront re-development an investment in the future: Harris News release from the Provincial Government

October 20, 2000 — Prime Minister Announces $500 Million for Toronto 2008 Olympic Bid and Waterfront Revitalization News release from the Federal Government