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How will the park be funded?
a good question & here are the Official Numbers |
| *All figures according to the Implementation Report- Wychwood Car Barns Park- 76 Wychwood Avenue - File No. 798-5 (St. Paul's - Ward 21) adopted by the Council of the City of Toronto at its meeting held on December 4, 5 and 6, 2001. (available at www.truepatriotlove.com or from city clerk’s office) |
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Costs
|
Estimated at |
Funding Source
|
| Interim protective measures for 1 barn | $40,000 |
Revenue from sale of residential lots |
| Removal of hazardous materials from the 1913 car barn |
$17,000 |
Revenue from sale of residential lots |
| Demolition of 4 car barns |
$128,000 |
Revenue from sale of residential lots |
| TOTAL COSTS |
$185,000 |
|
CAPITAL
|
|
| Sale of 3 residential lots |
$600,000 |
| Initial Community Fundraising (approximate) |
$ 40,000 |
| Total funds from sale of residential lots & fundraising |
$640,000 |
| Funding from City for Initial Park – Capital Budget (2002) |
$130,000 |
| Funding from City for Final Park – Capital Budget (2002-2006) |
$1,900,000 |
| Total before costs |
$ 2,670,000 |
| Total funds |
$ 2,670,000 |
| Costs | (-) $ 185,000 |
| NET funds for the park |
$ 2,485,000 |
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These are the City's own numbers as disseminated by the elected member & the City. By the way: Demolishing all the barns would cost $160,000 |