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Port Authority and the city to a settlement agreement in Macro
The Toronto Port Authority (TPA) announced late last month it’s satisfied with a Macro Settlement Agreement (MSA) reached with the City of Toronto pertaining to several historical issues between the two organizations.
Approved unanimously by Toronto City Council on Dec. 4, 2009, the
agreement involves the sale of an 18.4-acre parcel of land owned by the
TPA to the City of Toronto at a cost of $1. This property – located near
Leslie Street and Lake Shore Boulevard East – is an integral part of
the Transit City initiative as it will be used to expand light rail
transit service.
The agreement also covers a payment of $6.419
million by the TPA to the city in lieu of taxes for the period from 1999
to 2009 as well as the payment of $11.7 million by the city to the TPA
for outstanding property transactions under the 2003 Settlement
Agreement.
Lastly, the MSA also includes a new agreement on Harbour
User Fees with the city agreeing to pay approximately six cents per
round-trip passenger using city ferries to the Toronto Islands.
“We
welcome the conclusion of the Macro Settlement Agreement, which was a
key initiative of our Board in 2009,” said TPA Chair, Mark McQueen, in a
release.
Additionally, the TPA’s Board of Directors recently agreed
to pay $1.44 million in payments in lieu of taxes (PILT) for 2009 as
well as an amount for the first six months of 2010.
In accordance
with the Macro Settlement Agreement, the city will accept these payments
until the appropriate total of PILTs from the TPA to the city is
formally determined.
The Toronto Port Authority pays more payments in
lieu of taxes to its host city than most other port authorities
operating under the Canada Marine Act. Last year, the TPA paid out the
equivalent of 6.4 per cent of its gross revenue for PILTs versus
Hamilton, Vancouver and Quebec City, which each paid out 3.8 per cent of
their gross revenue for PILTs.
As a result, the Toronto Port
Authority is aiming to come to a long-term agreement with the City of
Toronto regarding PILTs.
The TPA recently approved a request for a
hearing before the new Federal Dispute Advisory Panel to ensure the
issue receives a fair hearing at the earliest possible opportunity.
“The
TPA’s decision to call for a new Dispute Advisory Panel is consistent
with our stated desire to resolve this last outstanding issue between
the City and our organization,” McQueen said in a prepared statement.
“Our
payment of $1.44 million of PILTs beyond what was called for in the
Macro Settlement Agreement speaks to our strong belief that our agency
should pay a fair sum to our municipal partner.”
McQueen went on to
further say the voluntary payment for the first six months of 2010 also
demonstrates the TPA’s commitment to working with the city to achieve
shared goals.
“We welcome the continuation in the positive new era of
relations between the TPA and the city administration,” he added.
Source:
Inside Toronto
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