From WT Board report for their meeting on 9 September:
East Bayfront LRT
At the meeting of the Board of Directors on February 8, 2015 (“Board Retreat”), it was agreed that Management would redeploy funds allocated to Work Package EBF08-01, Queens Quay East LRT Infrastructure in the Long Term Funding Plan (LTFP), in order to establish a reserve to address potential risks in capital investments and revenue generation. It was further agreed that Management would determine the appropriate use for the balance of the funding in EBF08-01 that would serve as the first phase of East Bayfront Transit.
Management has now circulated the 2015/2016 LTFP update for review and comment by the Federal, Provincial and City Secretariats. The plan includes the creation of two new work packages:
1. CORP-01 Capital/Revenue Reserve in the amount of $25,000,000 2. EBF08-04 Queens Quay East Revitalization in the amount of $57,000,000
In addition, at its meeting held on June 10 and 11, 2015, Toronto City Council approved the following motion while considering the Gardiner Expressway Environmental Assessment Options:
1c (4) - City Council direct the City Manager to report to the October 20, 2015 Executive Committee meeting on acceleration and costing of the East Bayfront LRT and analysis of how its implementation would reduce travel times under the "Hybrid" option.
Management has now met with City staff to begin discussions that will address both City Council’s and the Board’s directives. Management, in consultation and cooperation with City staff and TTC will undertake a detailed review of East Bayfront LRT funding solutions, phasing and acceleration options as well as alternative options for East Bayfront Transit (including costing and phasing). Funding has been allocated in the 2015/2016 LTFP to implement these studies.
