By: Michael Piccoli
Prime Minister Justin Trudeau announced long-awaited funding for Toronto’s Waterfront Renewal Project today at Polson Pier. Trudeau was joined by Premiere Kathleen Wynne, Mayor John Tory and Waterfront Toronto CEO Will Fleissig.
All three levels of Canadian government will jointly fund the project, contributing $1.185 billion to the waterfront’s restoration.
The Government of Canada will contribute up to $384 million to this project, and the Government of Ontario and the City of Toronto will each contribute over $400 million.
Trudeau said the project is being funded “to protect these lands and the surrounding area from flooding.”
“We need to take steps now, to ensure the land we are gathering on can be enjoyed,” he said.
Trudeau said that Port Lands redevelopment will include thousands of affordable rental housing units.
He also explained that more well-paying jobs will be created and referred to the project as ambitious and transformational.
“It is great to be part of a project that has all three governments working together,” Wynne said.
“We’re demonstrating what we can achieve when we come together,” she said. “Our combined investment of 1.2 billion dollars over seven years will clean up the Port Lands.”
“We’re actually talking about a project that’s important to North America, ” she said. “We are working hard to undo the mistakes that were made.”
Tory referred to Toronto as Canada’s economic engine and said that the city needs protection from flooding.
He also said that with the construction and design of the area, $1.1 billion will be generated for Canada’s economy.