Nov 22, 2012
By Scott Walker
The Toronto District School Board has voted down a proposal to raise money for capital projects by selling land at some Toronto schools to developers.
The Board voted 15 to 7 against a plan that could have seen playgounds and athletic fields sold off to raise $100-million. The board needs the money to pay back the province after it ran up a $50-million capital deficit through cost over-runs on several projects. The province froze the TDSB’s capital budget until it could balance its books.
Meanwhile, seven school additions and other projects are on hold. Trustees will go back to the drawing board now and try to come up with another way to make up the capital deficit. But they haven’t ruled out the idea of selling property in the future.