How could Toronto spend our (hypothetical) Olympic money?

The success of the Pan Am Games in Toronto has revived the discussion of a possible bid for the 2024 Summer Olympics, but it comes at a cost.

Just bidding on the Olympics alone costs $50 million. And the event could cost as much as $6.9 billion, according to the city’s feasibility report from January of 2014.

The deadline for cities to register their interest with the International Olympic Committee is Sept. 15, with the winning city to be chosen in 2017. The next council meeting is on Sept. 30.

At a news conference on Monday, Mayor John Tory said he is not considering an emergency council meeting to discuss the bid.

While the Canadian Olympic Committee and the Canadian Paralympic Committee have called for Toronto to make a pitch, Tory said he will not be rushing into a bid and will consult with councillors and the public.

Toronto has officially bid and lost twice, most recently for the 2008 Summer Games.

So, with lucrative price tags at stake, what else could the city spend its money (and the taxpayers’ money) on?


Toronto Community Housing (TCH): More than $2.6 billion is needed over a 10-year span to fix repairs to buildings, most of which are more than 40 years old. So far, TCH and the city has secured only $919 million. The $2.6 billion does not include the $896 million in repair backlog as of Jan. 1.

Gardiner Expressway: The hybrid option touted by Tory for the eastern portion of the expressway will cost $900 million, versus tearing it down and converting it into an eight-lane boulevard for just over $400 million. In the end, council voted to maintain a 1.7-kilometre stretch of the elevated expressway and reroute it between Jarvis Street and the Don Valley Parkway.

 

Streetcar construction: The cost of the botched Leslie streetcar track project has ballooned to over $105 million, according to a report. The initial cost of the project was estimated at $14 million.

 

Transit improvements: Building 460 new subway cars will cost around $162 million, while 810 new 40-foot diesel buses cost just over $600 million. Also, the TTC plans on spending $13.9 million for 50 new buses for its four new express bus routes and reduce overcrowding.

 

Shelters: $1.4 million is required for ongoing repairs at the city’s 16 shelters and $5.9 million to purchase remaining land and project management for the George Street revitalization, a long-term care home with 384 beds.

OCAP protests lack of homeless shelter space

 

SmartTrack: Tory’s SmartTrack plan, pegged at $8 billion, has received financial support from the federal and provincial governments – pledging $2.6 billion and $2.8 billion, respectively. The mayor has said funding would have to be split three ways, and so far, city council has yet to stamp its approval. In February, city council approved an additional $1.65 million to study the viability of electrifying the existing GO train lines, after earlier approving a $750,000 study.

Below is the 2015 budget at a glance, or click here for a mobile-friendly version.

2015 City of Toronto budget

With files from The Canadian Press

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