Waterfront agency low on cash, wants additional $1.65 billion

Global News

TORONTO – After spending nearly $1.5 billion, the agency in charge of redeveloping Toronto’s waterfront wants more money to finish the work.

Waterfront Toronto will be in a “cash shortfall position” by 2017 according to a new report for the city. The agency is asking for another $1.65 billion in investment, financed with new loans and short-term debt, to fund phase 2 of redevelopment.

“We get one shot at this we’ve got to do it right,” Waterfront CEO John Campbell said.

The agency has delivered flashy redevelopment projects thus far including the Queens Quay wave decks, Sugar Beach and the East Bayfront redevelopment. But the group has come under fire from city councillors who question how well the agency spends its money.

“They’ve got some pretty rich salaries and they’ve got spin machines that taxpayers are paying for,” Councillor Denzil Minnan-Wong said. “They want the city to co-sign their credit…

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