Revitalization of Regent Park facing funding shortfall over $100-million
The city's ambitious redevelopment of Regent Park is facing a cash crunch.
A staff report to the Budget Committee shows a funding shortfall of over $100-million to complete Phase 3, almost half of the projected cost.
The revitalization plan includes replacing and adding thousands of rental units, creating a park, aquatic centre, and athletic grounds, as well as incorporating retail stores.
Staff wants the city to pay $6 million dollars to the TCHC next year from Municipal Land Transfer Tax revenue and then $6 million in debt repayments, annually, for the next 30 years.
The majority of the funding shortfall is for the construction of two rental buildings to the tune of $97 million. Those building will see almost 340 units created.
None of this cash will go toward Phases 4 and 5 of the project. Staff is already projecting a funding shortfall for those pegged at $182 million.
A business plan for those phases will be presented later this year.
Here's a great video (if you can get past the music) showing all of the development in Regent Park over the years: