Sep 15, 2016
By Jane Brown
The authors of a new Board of Trade report say the money Toronto needs to expand transit can be partially generated in the city’s parking lots.
The report, to be released today, offers three suggestions for raising $1-billion for transit projects; reallocating revenue from the Toronto Parking Authority, as well as accelerating public land sales, and increasing the city’s self imposed debt ceiling.
The multi-pronged plan would require the TPA to stop using public funds to build new lots. The report’s authors say if the money were redirected to transit, it could provide the city with 30.5 million dollars a year.
Co-author Brian Kelcey says its not in the public interest for the city to use municipal funds to create more parking. The TPA currently has 41,000 parking spots and is the largest municipal parking provider in North America. Meantime, the city has an estimated $11-billion in unfunded public transit projects.
You can have your say on this idea on Zoomer Radio’s Fight Back with Libby Znaimer after the noon news.