September 25, 2014 by admin

Ford says he will use Build Toronto revenue to help pay for subways

Toronto, Mayoral candidate Doug Ford is vowing to use “the vast majority” of revenue generated by Build Toronto to help cover the cost of Rob Ford’s previously announced subway building plan.
Ford made the comment to reporters after attending a meeting of the city-owned real estate and development corporation Thursday morning.
“As properties come up they get transferred over to Build (Toronto) and sometimes it is a lengthy process, sometimes it is quicker, but right now on our books is $540 million (in projected land sales over the next four years) and we will take the vast majority of that and put it into building subways,” he said. “We want to take the underutilized property in Toronto, sell it at a premium and make sure it goes directly to subways; not the general coffers where councillors can get their hands on it and spend it.”
Build Toronto was set up in 2009 to help generate revenue from the city’s unused real estate assets.
Though the corporation has been a cash cow in the past, it lost $2,075,549 in 2013, according to financial records posted on their website.
Speaking with reporters, Ford said the sale of properties is an “ongoing process” and said he can “guarantee” a healthy revenue stream going forward.
“Some properties take a little while to change the zoning and make sure we have a buyer,” he said.
Mayor Ford’s subway building plan, which Doug Ford is using verbatim in his campaign, calls for 32 kilometres in new underground rapid transit lines along Eglinton, Finch and Sheppard avenues and the construction of a downtown relief line.