Ford’s plan for Sheppard subway “financially feasible”: report
Posted February 2, 2012 9:33 am.
This article is more than 5 years old.
TORONTO, Ont. – The vision for extending the Sheppard subway line seems to be a little clearer, as a new report outlines several options for funding the big dig.
According to a report in The Globe and Mail, it said Mayor Rob Ford’s plan to build the subway is “financially feasible” — if toll roads, parking fees and the sale of air rights are put into place.
Former councillor Gordon Chong has been looking into what it would take to fund Ford’s vision for a Sheppard subway, and has reportedly concluded that up to 60 per cent of the revised $3.7-billion cost could be absorbed by the private sector, and with some multi-year revenue generating components put into place.
The mayor remains adamant that subways will be built, despite the attempt by some councillors, led by TTC chair Karen Stintz to alter the course.
“We need a subway on Sheppard and I have a plan to build one. That plan is going to the executive committee on February 13. We need a subway right here along Eglinton and Metrolinx has a plan to build one. Let’s get moving on these projects,” Ford said Wednesday.
The mayor has also made the point that he thinks the TTC commission needs a shake-up and is preparing to appoint some non-elected, business-oriented citizens to the board.
