Mayor John Tory announces levy to fund transit, housing

News Dec 02, 2015 InsideToronto.com

Mayor John Tory has announced the creation of a City Building Fund, starting in 2017, that will be funded by the 0.5 per cent levy currently being collected for the Scarborough subway.

The levy would cost the average home about $13 a year and be used for the building of transit and housing across the city.

“We need to get serious about building a city of the future,” said Tory. “That means building transit, which is the single most effective way to cut congestion and adding more affordable housing, which repairs our existing stock. People also want to know their tax dollars are being used effectively. By creating a dedicated fund for transit and housing – we are doing just that.”'

Tory made the announcement the day after city manager Peter Wallace warned councillors they would need to consider additional revenue tools to the property tax levy.

The Scarborough subway levy, it should be noted, will not disappear in 2017, it will simply stop increasing and remain in place for 30 years, at 1.6 per cent.

The new increase will rest on top of that.

Mayor John Tory announces levy to fund transit, housing

City Building Fund will cost average household $13

News Dec 02, 2015 InsideToronto.com

Mayor John Tory has announced the creation of a City Building Fund, starting in 2017, that will be funded by the 0.5 per cent levy currently being collected for the Scarborough subway.

The levy would cost the average home about $13 a year and be used for the building of transit and housing across the city.

“We need to get serious about building a city of the future,” said Tory. “That means building transit, which is the single most effective way to cut congestion and adding more affordable housing, which repairs our existing stock. People also want to know their tax dollars are being used effectively. By creating a dedicated fund for transit and housing – we are doing just that.”'

Tory made the announcement the day after city manager Peter Wallace warned councillors they would need to consider additional revenue tools to the property tax levy.

The Scarborough subway levy, it should be noted, will not disappear in 2017, it will simply stop increasing and remain in place for 30 years, at 1.6 per cent.

The new increase will rest on top of that.

Mayor John Tory announces levy to fund transit, housing

City Building Fund will cost average household $13

News Dec 02, 2015 InsideToronto.com

Mayor John Tory has announced the creation of a City Building Fund, starting in 2017, that will be funded by the 0.5 per cent levy currently being collected for the Scarborough subway.

The levy would cost the average home about $13 a year and be used for the building of transit and housing across the city.

“We need to get serious about building a city of the future,” said Tory. “That means building transit, which is the single most effective way to cut congestion and adding more affordable housing, which repairs our existing stock. People also want to know their tax dollars are being used effectively. By creating a dedicated fund for transit and housing – we are doing just that.”'

Tory made the announcement the day after city manager Peter Wallace warned councillors they would need to consider additional revenue tools to the property tax levy.

The Scarborough subway levy, it should be noted, will not disappear in 2017, it will simply stop increasing and remain in place for 30 years, at 1.6 per cent.

The new increase will rest on top of that.