Saturday, March 17, 2012

TyL: When $1 Billion isn't $1 Billion.

Rob Ford likes to say: "We've got $1 Billion, lets build the Sheppard Subway out to Victoria Park".

Small problem: he doesn't have $1 Billion. In anything other than monopoly money that is.

What Ford had was an agreement that would've done the following two things: see $333M from the Federal government previously pledged to the Sheppard LRT under Transit City and up to $650M from the Provincial government if there was money left over from tunnelling all of Eglinton; a conditional which, given the history of these kinds of projects, is a pretty big given to accept at face value. Now, City Council tossed that agreement to the curve when they began overruling the Mayor on this file and established their own agenda so, at this point, one has to question where that money really lands. I suspect you could make a fairly safe argument that City Council is now positioned to decide where that money goes and that the Federal and Provincial money will flow back to a Sheppard LRT they were originally intended to fund and no longer be available for anything else.

If that's the case at the end of the day, then there's no money for subway stops at all and anyone who tells you otherwise is selling something.

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