Don’t let this ship founder

There was a time when Waterfront Toronto officials described their agency as a submarine — steadily moving forward but without much showing on the surface. Now, staying with the nautical theme, it’s more fitting to consider it a cargo ship pulling into port with an impressive load of jobs, economic spinoffs and construction.

But before setting off again on the final half of its 25-year journey, Waterfront Toronto needs a major retrofit. Indeed, it’s remarkable this organization came as far as it did lacking the power to conduct even elementary business functions, such as taking out a loan.

Even the most obstinate waterfront skeptic (ahoy there, Councillor Doug Ford) can’t credibly claim that the agency has been a do-nothing “boondoggle.” Evidence to the contrary is there for all to see.

Look at the string of parks and public places that now adorn the shoreline, like Sugar Beach and the Sherbourne Common. Consider George Brown College’s $85-million health sciences campus, bringing thousands of students and jobs to the waterfront. Don’t forget the vast construction underway in the West Don Lands, including an $814-million residential complex that will serve as the athletes’ village during the 2015 Pan American Games. And that’s just part of what’s going on.

In an understandable effort to toot its own horn, Waterfront Toronto hired a consultant to assess its overall impact. The resulting analysis, released this past week, shows the agency’s efforts have generated an impressive $3.2 billion in economic output and 16,200 full-time person years of employment.

That overview comes about halfway through Waterfront Toronto’s mandate. Former prime minister Jean Chrétien, former Ontario premier Mike Harris and then mayor Mel Lastman (dubbed the “three amigos”) held a joint news conference in 2000 to announce each level of government would commit $500 million to establish an agency dedicated to revitalizing the waterfront.

Most of that money has now been spent. The consultant’s report indicated that between April 2001and March 2013 Waterfront Toronto invested $1.26 billion in planning and delivering projects.

To keep going full steam ahead, the agency will need another big cash infusion from Ottawa, Queen’s Park and city hall or it will have to do business in a different way. And to succeed at that, it needs basic tools to function in the real estate business.

First, it should be granted the ability to borrow. It’s absurd that an agency in charge of one of the largest urban revitalization efforts in North America doesn’t already have this power. Taking out a loan is particularly important in arranging bridge financing, carrying Waterfront Toronto through a project’s early development costs before revenues are generated.

Second, it needs the right to create subsidiaries, which are routinely used in joint real estate ventures involving outside companies.

All three levels of government need to sign off on granting Waterfront Toronto these fundamental new powers. This organization has sailed far and delivered much; it would be tragic if it foundered now.

It’s remarkable this organization came as far as it did lacking the power to conduct even elementary business functions