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As mayor, John Tory could derail Toronto by trying to implement his half-baked, financially fraudulent transit plan.
Toronto's municipal election has been all about transit. Mayoral candidate John Tory, right, has has been pushing his SmartTrack plan, but John Barber says the city will have trouble paying its $3-billiion share of the costs without raising taxes.
The facts are laid out clearly in a 2013 report from the New York Independent Budget Office, which shows that tax revenues generated by the project have fallen far short of expectations, forcing city taxpayers to pay an ever-greater share of the interest on its debt. Told that New York’s TIF-financed $3-billion investment would cost them nothing, taxpayers have so far paid almost $300-million on the ongoing bailout. The city’s budget analysts expect such voluntary “interest support payments” to continue rising for the foreseeable future. The debt is still $3-billion.