[URBAN NOTE] "No 'view tax' needed to pay for Rail Deck Park, Chief Planner Jennifer Keesmaat says"

[rfmcdonald]

CBC News' Philip Lee-Shanok reports on the issue of how to pay for the proposed Rail Deck Park. I hope this question won't overshadow the need to have the park in the first place.

Toronto's chief planner Jennifer Keesmaat says she's optimistic that sources of funding for the proposed Rail Deck Park can be found and the ambitious project can get built without the need for a "view tax."

Some people are advocating a levy on homeowners who live near amenities such as parks, museums or concert halls, because the view enhances the value of their properties. The revenue would contribute to the construction and upkeep of landmarks like Rail Deck Park.

Keesmaat said city staff are crunching the numbers on the proposed 8.4-hectare green space that would be built over the waterfront rail corridor from Bathurst Street to Blue Jays Way. She is hopeful existing revenue tools will cover the price tag — an estimated $1.05 billion or more.

She points to Section 37 of the Planning Act, under which the city can require developers to help pay for neighbourhood amenities in exchange for the approval of their projects. There are also development charges that can help defray the cost, Keesmaat says.

"When we collect that money, that money is dedicated to parkland. And we do have several hundred million already collected precisely for this purpose."