Ontario Progressive Conservatives released more information Friday about an allegedly secret plan by the Kathleen Wynne government to bail out the defaulting tower known as MaRS Phase 2 in downtown Toronto.
The documents show that in addition to the Wynne government’s plan to pay $317 million for the building - which could end up costing $440 million over 40 years - that it will also cover another $150 million in related expenses, PC MPP Vic Fedeli claimed.
“It’s those side deals that concern all of us the most,” Fedeli said. “What are the hidden costs and what are the unknowns... what will the real cost be?”
The original cabinet documents leaked by the Tories Thursday say that the project is in danger of defaulting on a $234 million loan guaranteed by the provincial government, and that the most prudent course of action would be to buy the building which is struggling to find tenants.
Liberal Leader Kathleen Wynne has said that the plan is not finalized but taxpayers would benefit from moving some public servants into the building, rather than paying for leases in other locations.
MaRS is an innovation centre set up by the provincial government, with the help of private sector partners, to bring together research and businesses to create jobs.
Polling shows the Liberals and Tories are in a statistical dead heat heading into the final weeks of the provincial campaign.
PC Leader Tim Hudak will speak to the Canadian Club of Toronto Friday in a noontime speech.
Hudak is under pressure to explain his own numbers that back up his contention that his election platform will produce one million jobs.
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