September 21, 2006

York Regional Council approves cost share arrangement with City of Toronto for subway extension

 

York Region urges Federal Government to make firm commitment on its share of funding

 

NEWMARKET – The University-Spadina Subway extension to the City of Vaughan Corporate Centre in the Regional Municipality of York passed a major milestone today with York Regional Council approving a 60:40 (Toronto:York Region) capital cost share arrangement between the Region and the City of Toronto.

 

The total York Region/City of Toronto portion represents one-third of the estimated $2.1 billion capital cost.  One third will come from the Ontario Government and the remaining third is expected to be matched by the federal government.

 

“This is an extremely positive step towards bringing the subway northward into York Region,” said York Regional Chair and CEO Bill Fisch.  “The federal government must still match the Province’s one-third share commitment, and no formal announcement has been made to date.  However, I am confident that the federal government will do what’s right for our residents, businesses and commuters and step up to the plate with a financial commitment for their funding share.”

 

“We have worked long and hard over the summer months with City of Toronto officials to achieve this cost share arrangement,” said Town of Aurora Mayor Tim Jones, Chair of the Region's Finance and Administration Committee.  “This subway extension will help reduce gridlock, cut commute times and make it easier to entice people out of their cars and onto public transit.”

 

The Ontario Government announced in March 2006 that it would cost share the extension of the University-Spadina subway line to the Vaughan Corporate Centre under the Move Ontario Trust.

 

Highlights of the agreement include:

 

York Region will fund its portion of the subway extension through a combination of development charges, tax increment financing and debt financing.

 

Operating costs for York Region’s share of the subway are estimated at approximately $10 million annually, although these costs are expected to be offset by users and associated fare box revenues.

 

The University-Spadina subway line currently terminates at Downsview Station (located at Sheppard Avenue West and Dufferin Street) in Toronto.  Approximately six kilometres of track tunnel will be in Toronto, while approximately three kilometres of track tunnel will be within York Region.

 

The proposed extension totals nine kilometres of track tunnel and six station stops, broken down as follows:

 

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For more information on the Regional Municipality of York and our services, please visit www.york.ca

 

Media Contact:         Ken Turriff, Corporate Communications, York Region

                                 Phone:  (905) 830-4444 / Toll Free: 1-877-464-9675, Ext. 1226

                                 After Hours Pager 905 830-3302 / Email: ken.turriff@york.ca

 
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