MAYOR TORY FLOATS PARTIAL SALE OF HYDRO TO FUND CITY BUILDING

Sep 22, 2016

By Jane Brown

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Toronto’s mayor says he’s ready to be bold, but cautious in his approach, on a new model for city building.

John Tory spoke to the Toronto Region Board of Trade where he floated the idea of new taxes and sales of assets including part of Toronto Hydro.

He says times have changed since he opposed that idea during the last election.

“If hydro is going to have the money to fix its infrastructure so we don’t have power failures, there’s only three ways to do it; One, we can put taxpayers money into it right out of the taxpayers budget. Two, we can stop the dividend coming to the Toronto taxpayers which is now $60-million which would cause a huge hole in the budget, or Three, you could look for ways to find that money,” Tory explained to the CBC this morning.

Tory says he would keep Toronto Hydro in public hands, while looking at new revenue tools like a parking tax, road tolls or hotel taxes.

Mayor Tory says city hall is preparing to spend billions on everything from transit to housing to poverty reduction and needs a new range of options to cover the cost.

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