For: Mayor Rob Ford, Toronto City Council, Aug 1/2013
Subject: The Port Authority Tax Settlement Costs The City $50 Million
The recently announced settlement of Port Authority city taxes is an example of what is wrong with Toronto.
The Port authority used to have a tax bill of $50 million dollars, but the $50 million tax bill has just been cancelled. Now it looks like it will pay only a fraction of that amount.
Itís difficult to find exactly how much this sweetheart deal is costing the city, because of secrecy and misinformation from the Port Authority.
Toronto could have bought both the CN Tower and the Skydome, for the money it has handed over to the Port Authority. This money should have flowed the other way, into the city.
A Federal Port Authority is one gigantic Gravy Plane. For example, Toronto Island Airport sits on 215 acres of the city most valuable parkland, which is rented to the Port Authority for $1 a year.
Not only does the Port Authority rent 215 acres for $1 a year, now it will pay reduced taxes to the city. How did this happen? Who authorized this secret deal?
Perhaps the time has come to make the Port Authority report to the city, instead of feeding more money to a federal gravy train.
Max Moore, Harbourfront Community Association
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