Hey there, time traveller!
This article was published 1/8/2014 (724 days ago), so information in it may no longer be current.
Mayoral candidate Gord Steeves would raise $50 million for roads by selling the new downtown police headquarters and the library parkade.
Under a P3 agreement, the city would then lease back the new cop shop on Graham Avenue with an option to buy it outright when the P3 agreement expires in 30 years. The tower adjacent to the police headquarters would be sold, as would the Millennium Parkade.
Once the police headquarters' debt is paid off, the city would net at least $50 million for roads.
"Not new projects, but fixing and rebuilding what we have and what's falling apart."
Steeves, who was on council for 11 years, said city hall has a terrible track record of keeping big assets in good repair.
He acknowledged the sale of two significant downtown properties would generate one-time cash only, not ongoing money to chip away at the massive infrastructure backlog.