TORONTO — The Carpenters’ District Council of Ontario has announced its support for Toronto Mayor John Tory’s plan to pay for new infrastructure with an additional tax levy of one per cent.
The levy, called the City Building Fund, would continue over the next six years by adding one per cent to the existing 0.5 per cent levy in 2020 and 2021.
The new funds would be dedicated for transit and affordable housing. Carpenters’ president and CEO Mike Yorke stated in a Dec. 11 release it’s important that the fund be dedicated for infrastructure rather than being absorbed into general revenues.
“Moving the City of Toronto forward for our children, our grandchildren and ourselves should not be a political football. Tough, bold, decisions have to be made,” said Yorke in the statement.
“The Carpenters’ of Ontario and the GTA support Toronto Mayor John Tory’s leadership on getting transit and affordable housing built — something he was elected to do.”
“These new city infrastructure funds are clearly earmarked so that residents — and the rest of the Province — can see real, concrete results,” Yorke added.
Tory proposed the increase in a speech to the Canadian Club Dec. 4. The proposed levy, which needs the support of council, would raise $6.6 billion.
“If we don’t make these investments the one thing I can promise people for sure is that this city will not be able to maintain the incredible success we have had over the last five or so years as a magnet for investment and smart people,” Tory said after his speech.
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