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Ripley Entertainment Inc. announced details of Ripley’s Aquarium of Canada. Canada Lands Company is investing more than $10 million to redevelop the John Street corridor in downtown Toronto.
TORONTO
Toronto is one big step closer to getting a major new attraction as Ripley Entertainment Inc. announced details of Ripley’s Aquarium of Canada.
The aquarium is expected to be a $130-million facility which is now under construction and set to open during the summer of 2013.
Canada Lands Company is investing more than $10 million to redevelop the John Street corridor with new signage and other improvements that will increase and improve the flow of pedestrian traffic from Front Street to the site.
“This is an important entryway to Ripley’s Aquarium of Canada, as well as the CN Tower and Rogers Centre,” said Mark Laroche, President and CEO of Canada Lands.
The Aquarium will be built on property owned by Canada Lands.
There will be immediate economic impact of more than $50 million through construction of the project, $35 million of which will be labour income.
In addition, during the two-year construction timeline, the project is forecasted to generate more than $25 million in taxes for all three levels of government.
“This state-of-the art facility will provide jobs for our residents and a wonderful tourist attraction for our city,” said Rob Ford, Mayor of Toronto.
The City of Toronto will provide property tax incentives (estimated to be between $8 and $12 million) over a 12-year period under the Imagination, Manufacturing, Innovation, Technology (IMIT) Grants program; which supports new building construction in targeted sectors, including tourism.
When operational, the Aquarium will generate 300 to 350 jobs and will have a projected annual economic impact of more than $35 million on the city’s gross domestic product.
During the first 20 years of operation, the Aquarium is expected to generate more than $220 million in tax revenues for all three levels of government.
DCN NEWS SERVICES
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