PCs Claim Liberals Had Secret “Bailout” of MaRS

This article was last updated on April 16, 2022

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The Progressive Conservatives claim to have obtained documents that allegedly reveal plans of a multi-million dollar “bailout” of MaRS by the Liberals during the election. In an early morning conference call with reporters hosted by former PC MPP, Frank Klees, he claimed to have obtained the documents from a whistleblower.

According to Klees, “the cabinet documents that we’ve released show that Kathleen Wynne and her senior cabinet ministers approved another multi-million dollar bailout behind closed doors.” The Treasury Board document dated May 13, 2014 shows a request from the Ministry of Research and Innovation and the Ministry of Infrastructure to approve funding for the purchase of interests in the MaRS Discovery District and MaRS Phase 2 Inc. According to the documents, Infrastructure Ontario was in negotiations with Alexandria Real Estate, i.e. the private company developing the MaRS Discovery District, to purchase the interest in the 72,000-square metre MaRS Phase 2 building and lands for $65 million. Consequently, the ministries endorsed the idea to purchase the building to protect the provincial government’s investments in the project to date, and to minimize risk associated with the project.

Consequently, the purchase price is calculated to have brought total government investment in the MaRS project to $317 million, i.e. including a 2011 repayable loan from Infrastructure Ontario. Previously, the government announced a $344.5-million expansion of the MaRS innovation and science complex in downtown Toronto in 2011, which was in form of a new 20-storey tower at the corner of College St. and University Ave. to provide more office and laboratory space.