by Friends of Lansdowne

So much for Lansdowne not costing taxpayers a dime

The City recently revealed its total debt level is now $1.4 billion—nearly double what it was when Jim Watson came into office. It’s not clear if this figure includes the debt that will be incurred for the Lansdowne development. But what is clear is that Lansdowne is costing taxpayers way more than we were led to believe.

Consider:

  • In 2008, when the developers came forward, they said it would not cost taxpayers a dime. http://www.canada.com/story_print.html?id=f59a45cf-3436-41d3-9097-9259dea1019f
  • In 2010, when City gave preliminary approval, the cost to taxpayers was $173 million.
  • In 2012, estimated costs are over $196 million and all the costs are not in.

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