The Toronto Star reports that three levels of government will announce a joint $1.5 billion down payment toward revitalizing Toronto’s waterfront. It’s the final step in getting financial commitments from all three levels of government to Toronto’s 2008 Olympic bid.
Canada’s Prime Minister Jean Chretien, Federal Transport Minister David Colenette, Toronto Mayor Mel Lastman and Ontario Premier Mike Harris will be on hand for the announcement Friday which commits the federal and provincial governments to each contributing $500 million in cash. Toronto’s contribution will be $500 million in cash, existing assets and projected spending.
The waterfront plan includes moving Toronto’s port. Toronto’s Olympic bid committee will be using the existing port lands for a track and field stadium, an athlete’s village and swimming and diving centre.
Although the three levels of government made a verbal commitment last year to work together toward waterfront revitalization, the members of the International Olympic Committee were more interested in hard cash.
