Benefits of hosting Expo 2025 outweigh risks, councillor says
A Toronto councillor wants the city to support a bid to host Expo 2025 and is disputing a staff report that warns that hosting the event brings serious risks.
Coun. Kristyn Wong-Tam, who represents Ward 27 Toronto Centre-Rosedale, told Metro Morning that hosting the months-long showcase of trade, innovation and products from around the world would benefit the city in several ways. Wong-Tam held a news conference Tuesday morning to make her case.
"This isn't a circus," Wong-Tam told Metro Morning.
"Compared to the other events and other hosting opportunities, there is nothing bigger on the planet than the World Expo. I think, in this case, we actually see a proposal and a program that actually delivers a lot more benefits than we put in. There is really a compelling case to be made here about how you invest a little bit to bring back a lot of returns."
Wong-Tam said the city's investment in the event would mean a brand new waterfront, a chance to re-brand the city and country and an opportunity for the city to promote its technology sector. "This is an opportunity that continues to give back," she said.
Hosting the event would also force the city to complete flood protection of the Port Lands, work that is designed to protect the neighbourhoods of Leslieville and Riverside if the Don River overflows and that has been on the city's agenda for more than 14 years.
Report warns of 'very significant' risks
The staff report, released Friday, says hosting the event brings "very significant financial, operational and reputational risks."
Concerns include: the lack of clear provincial and federal support for hosting the event; the significant amount of money it would cost the city; the fact that there's no guarantee that construction projects would be ready in time for the event; and a challenging construction schedule that could lead to cost overruns.
Mayor John Tory is lukewarm about the idea.
Wong-Tam said she is well aware of staff concerns. But she said the city has to take the lead and she believes support from the provincial and federal governments would follow.
In May, Prime Minister Justin Trudeau said in a letter to the city that, if it pursues a bid, the federal government would explore "next steps." Wong-Tam described the letter as "quite an open invitation."
As for the site itself not being ready, she said: "The staff are not correct in that analysis."
According to Wong-Tam, consultants say that if funding was in place for flood protection of the Port Lands in the first quarter of 2017, the bulk of the work could be done by 2021. Construction could then begin for Expo 2025. She said staff concluded that timelines would be tight, but it depends on when the flood protection work gets underway.
The report said preparing the bid would cost between $10 million and $15 million.
It also estimated that the "incremental capital expenditures to construct the Expo site are projected to be approximately $2.580 billion," with $1.909 billion of that to be shared between the three levels of government and the balance to be covered by the private sector and foreign governments.
"You get to build for your city what you want to build," Wong-Tam said.
The report notes: "Expo 2025 has the potential to be the largest and most impactful economic and cultural event held in Canada since Expo '67."
