Toronto's film industry grows, but at what cost?

http://rabble.ca/news/2018/04/toronto%E2%80%99s-film-industry-grows-what-cost
Date Written:  2018-04-27
Publisher:  rabble.ca
Year Published:  2018
Resource Type:  Article
Cx Number:  CX22642

While high profile film productions are increasing in Toronto, the article questions whether taxpayers are getting good value for the billions of dollars of public money being invested into the film industry's expansion in the city.

Abstract: 
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Excerpt:

The municipal, federal and provincial governments are splitting the estimated $1.25-billion bill for this mega-project. However, when this funding arrangement was announced in June 2017, the price tag was already 29 per cent higher than the $975 million estimatefrom just nine months earlier.

On top of that, some of the money for the mega-project is from the joint federal-Ontario Clean Water and Wastewater Fund, and half of this fund comesfrom the feds via the Canada Infrastructure Bank(CIB). Rabble.cahas documented the likely huge financing-cost increases for projects funded by the CIB, due to most of the CIB's money coming from high-interest loans from private investors.

Toronto's $416.7-million share of the current $1.25-billion budget will be paid for with a combination of tools such as borrowing, development charges, taxes and digging into reserves. Unfortunately, at least another $1.1 billion will have to be foundfor as-yet-unfunded additional items primarily related to the Port Lands redevelopment, such as public transit.

And even more unbudgeted-for, mega-expenses undoubtedly will crop up during the mega-project -- in fact some already have -- and it's a good bet the public also will be on the hook for a sizable chunk of these.