After years of planning, it appears that the future of the St. Lawrence Centre for the Arts revitalization project may be in doubt.
On September 6, a report from board of directors of TOLive, the group managing the facility, recommends moving forward with the next stages of the plans. However, on September 17, a report by the City CFO and Treasurer recommends scrapping the extensive renovations.
Following the $…
As with any such large public project, funding comes from a number of sources.
- Council approved $8.5 million in funding during its 2024 Budget process. Those funds were to complete the schematic design, and came from reallocated monies that were originally destined to go into State of Good Repair (SOGR) projects. The City’s SOGR projects include necessary repairs, updates and improvements to public structures and entities like water and wastewater infrastructure, transportation and public transit, along with buildings and parks.
- During the 2024 Budget process, council requested that TO Live report on the updated costs following the schematic design phase. Those costs now tally $421 million.
- A report from Clyde Wagner, President and CEO of TO Live, noted that the project will require another $41.9 million from the SOGR requirements, as set out in TO Live’s 10-Year Capital Budget and Plan.
- That leaves $371 million in costs that are currently unfunded.
Where would the additional monies come from? Suggestions include federal and provincial partnerships, and corporate sponsorships, among others.
The report by the City’s CFO and Treasurer, Stephen Conforti, quoted by Storeys, recommends, “that the redevelopment project not proceed to the detailed design phase, and instead consideration be given to accelerating and fully addressing SOGR needs at the STLC venue.” He adds, “With a financing strategy that relies significantly on financial support from the federal and provincial governments and third-party fundraising, which are not yet secured, this project presents a considerable financial risk for the City.”
Conforti proposes using SOGR funds to make needed repairs and accessibility upgrades without extensive redevelopment. Those costs alone are estimated at $70 to $80 million over the next decade or so.
What’s Next?
The City’s Executive Committee will consider the report from the CFO and Treasurer on October 1, and their recommendations will be brought before City Council on October 9.
According to The Toronto Star, Mayor Olivia Chow is undecided on the matter as yet, while Toronto Centre Counsellor Chris Moise called the move “short-sighted”.
TO Live has not commented publicly on the matter.
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