100-MILLION IN ENWAVE PROFITS LEAVE CITY COUNCILLORS AT ODDS

Oct 03, 2012

By Jane Brown

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There are differing opinions at Toronto City Hall about where the Enwave profits should be spent.  City councillors have voted overwhelmingly in favour of selling the city’s 43 percent stake in the deep water cooling company.  Mayor Ford is very pleased with the decision.  He told reporters on Tuesday, “The taxpayers had a huge victory today.  The $100-million is a huge, huge sale.  I don’t think we’ve ever made a deal like that before.”

Ford says all $100-million should go to knocking back what’s owed for the city’s new streetcar fleet.  Councillor Pam McConnell is suggesting $50-million of the profits should be directed to Toronto Community Housing, while others say it should deal with basement flooding issues in the city. 

The city’s Chief financial officer Cam Weldon says councillors need to stick to a plan and a budget or risk slipping deeper and deeper into the red.  The city’s budget committee will now look at where the Enwave profits should go.

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