The City of Toronto will receive $840 million of the federal government’s $3.4 billion infrastructure funding promised in March’s budget to improve public transit.
Prime Minster Justin Trudeau made the announcement as he visited the Greenwood Subway Yard in the city’s east-end Friday morning.
“In Toronto, that could mean upgrades to subway tracks and bridges or new signals and switches to improve traffic flow. It could mean the purchase of new vehicles to replace those at the end of their service life,” said Trudeau.
The federal cash will be available to the city immediately as well as the promise to fund 50 per cent of the eligible cost of new projects.
Trudeau also said the funds will come with no strings attached.
“We’re giving provinces and municipalities the freedom to invest these funds in the way that makes the most sense for their communities. They’re the local experts. They know what needs to be done than anyone else,” he said.
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Trudeau visited Toronto City Hall earlier this year but didn’t make any promises on new funding for infrastructure projects.
However, the Liberal government’s budget released in March set aside $3.4 billion for public transit across the country.
“It means Toronto is finally receiving funding that acknowledges the unique pressures on our system and the vital role that it plays in the health and well-being of our city and in turn to our country,” said Mayor John Tory.
“When it gets as big and complex as the TTC, we are dealing with something much more than a transit system and today represents an important recognition of that reality.”