The city must now find an additional $417 million dollars for the streetcars after Mayor Miller loses his high stake gamble with the federal government for federal stimulus cash. This means that on top of paying $355 million already ear marked for the streetcars, the city's tab now jumps to $772 million.
Who would sign a contract agreeing to this without first having financing in place ... oh wait, I know, Mayor Miller -- that's who. What an ASS!
This means that "the deal" with Bombardier, two years in the making, will be approved just before tomorrows deadline and the city will not be on the hook for any penalties had the deal fallen through. But because this deal did not meet the federal governments guidelines for stimulus cash, Toronto now has to use money that had been ear marked for six other TTC capital projects which were to take place over the next 10 years.
Guess who will be picking up the tab in the form of higher taxes?That's right, you and me....
To read the entire story from today's Toronto Star, click here.
Once again, everyone now --- what an ASS!