(formerly Toronto Waterfront Revitalization Corporation)
In October 2000, the Government of Canada, the Province of Ontario and the City of Toronto each committed $500 million to renew Toronto’s waterfront over 30 years. In 2001, the three waterfront partners created the Toronto Waterfront Revitalization Corporation (TWRC), now known as Waterfront Toronto, with a mandate to lead and oversee waterfront renewal activities in a designated waterfront area (DWA) from Coxwell to Dowling Avenues. To date, two strategic projects outside of the Central Waterfront Area have also been brought forward by Waterfront Toronto and the City and agreed to by the federal and provincial government partners. They are the development of linear parks and shoreline enhancements along the Mimico and Port Union waterfronts.
In 2003, City Council approved Bill 151, changing Waterfront Toronto’s status from an interim corporation to a permanent non-share corporation. Its legislative mandate is set out in the Toronto Waterfront Revitalization Act, 2002. Regulations granting Waterfront Toronto specific powers, such as the ability to borrow or to generate revenue, were jointly developed by the three governments and the Corporation in 2004.
Waterfront Toronto's overall corporate objectives include:
- implementing a plan that enhances the economic, social and cultural value of the land in the designated waterfront area and creates an accessible and active waterfront for living, working and recreation, and to do so in a fiscally and environmentally responsible manner,
- ensuring that ongoing development in the designated waterfront area can continue in a financially self-sustaining manner,
- promoting and encouraging the involvement of the private sector in the development of the designated waterfront area.
Waterfront Toronto has prepared a Business and Development Plan for the 20 to 25 years over which revitalization is to occur. The Business Plan assumes a $500 million cash contribution from each government and the transfer of public lands to Waterfront Toronto, among other government incentives to facilitate development. Beginning in 2004, Waterfront Toronto refined the business plan to balance the City of Toronto’s cash and land contributions to the project with those of the other government partners in recognition of the City’s ownership of the majority of the designated waterfront area. The Business Plan is supported by the Waterfront Revitalization Long-Term Funding Plan, which is updated annually and brought before City Council for consideration of those projects supported by the City's $500 million contribution.