On December 13, 2023, City Council approved in principle the terms of the Ontario-Toronto New Deal Agreement (the New Deal), which enables significant infrastructure investment in the City. The New Deal committed the City to funding and delivering growth infrastructure to advance transit and housing priorities, and also created the opportunity to invest in aging infrastructure through the upload of the F.G. Gardiner Expressway (Gardiner) and Don Valley Parkway (DVP) to the Province. Subject to a third-party due diligence assessment, the upload of the Gardiner and DVP allows for approximately $1.9 billion to be re-invested in existing and unfunded City infrastructure priorities over the next 10-year planning period. This report identifies areas in the City that require a significant state of good repair (SOGR) investment, consistent with the funding gaps identified in the City's 2024 Corporate Asset Management Plan ( EX14.6 ), and prior SOGR reporting to Council. The report also highlights funding obligations from the New Deal that require investment, which will be supported from the reallocated expressway funding such as the Broadview Eastern Flood Protection (BEFP) project for advancing Transit-Oriented Communities, and the City's commitment to advancing housing development to support provincial economic development and growth. The report seeks endorsement of the plan to reallocate funding from the Gardiner and DVP to the following priority areas: Toronto Transit Commission (TTC) base system, Housing SOGR and infrastructure development, Parks, Forestry and Recreation (PFR) SOGR, Transportation Services SOGR, Corporate Real Estate Management (CREM) SOGR, and to the Broadview Eastern Flood Protection (BEFP) project. The Executive Director, Financial Planning, and the Chief Financial Officer and Treasurer will work with relevant City Divisions and Agencies, supported by the Capital Prioritization Framework for capital planning to invest in priority infrastructure renewal projects over the entire 10 year planning period through the 2025 Budget process.
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