Joint funding for $1.185 billion for Waterfront Toronto announced
Investing in projects like the Toronto Port Lands Flood Protection project not only supports climate resilience - it also supports economic growth, spurs innovation, and creates good, well-paying jobs for the middle class.
The Prime Minister, Justin Trudeau, the Premier of Ontario, Kathleen Wynne, and Mayor of the City of Toronto, John Tory, joined Waterfront Toronto CEO Will Fleissig to announce joint funding of $1.185 billion for Waterfront Toronto.
The Government of Canada will contribute up to $384 million to this project, and the Government of Ontario and the City of Toronto will each contribute over $400 million.
These investments will help protect Toronto's Port Lands from flooding and lay the groundwork to transform the underused industrial area into a vibrant and resilient downtown neighbourhood.
In the last decade, global warming has resulted in increased flooding in urban areas.
The project will provide critical flood protection through the creation of a naturalized mouth for the Don River. It will also help clean up contaminated soil, unlock land ripe for development, and establish new aquatic habitats and wetlands that support native species.
These efforts will help support the long-term transformation of the Port Lands into beautiful new mixed-use communities with residential and commercial development - including affordable housing - surrounded by parks and green space.
These investments will help safeguard the health and well-being of residents, and increase the resiliency of nearby communities and their capacity to adapt to the impacts of climate change. ■