MaRS bailout could cost up to $477 million
PCs say Wynne hid $317M bailout of MaRS developer
The Kathleen Wynne government is quietly moving to buy a potential white elephant of a downtown building for $317 million and stuff it with government bureaucrats, Ontario Tories alleged Thursday.
Newmarket-Aurora PC MPP Frank Klees, who is not seeking re-election, released a number of confidential cabinet documents Thursday that point to a taxpayer-funded rescue of the 20-storey MaRS Phase 2 project. Completed this year at the corner of College St. and University Ave., those behind the project are struggling to attract tenants.
The documents state that since the Ontario government guaranteed a $234 million loan to construct the building — and the project is in danger of defaulting due to a lack of tenants — the recommended course of action is to purchase it outright in part to avoid damaging the MaRS brand.
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Sun News Network