This article was last updated on April 16, 2022
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The Progressive Conservatives have demanded a full scale public accounting of a Liberal proposal to bail out non-profit MaRS and purchase its brand-new downtown Toronto building. In recent days, the Tories have revealed to have acquired documents that show the cost of the proposal to have considerably exceeded the initially planned $317 million purchase price of the MaRS phase 2 building and the land it stands on at the corner of College St. and University Ave.
According to the accusations of the Tories and media reports, the plan would in fact cost as much as $477 million when fit-up costs, operating shortfalls and other expenses are factored in. The Progressive Conservative candidate in Nipissing, Vic Fedeli, informed reporters on Friday morning that “we’re only now learning the details on how deep they were involved and how much more they were on the hook for.” Amid her ongoing campaign, Wynne has only stated that no deal was finalized as yet to buy the MaRS building. She revealed that a Treasury Board meeting was scheduled to discuss the matter on May 13, but that was delayed due to the elections.
However, according to the proposal documents, the plan had been in the working since December 2013 and noted that there is a very short time frame for action. A registered charity aimed at fostering innovation and research, MaRS, was in danger of missing payments on a $234 million loan issued by the provincial government in 2011.
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