This bill lets the Ontario government take over City of Toronto land and assets at Billy Bishop Toronto City Airport. The province would also take the City’s place in the airport’s main governing deal, called the Tripartite Agreement (from 1983).
The City would be paid market value for any land and buildings that move to the province. Disputes over payment would go to binding arbitration.
Key changes:
Residents near the airport and on the waterfront
Air travelers
City of Toronto (government and taxpayers)
Airport operators, airlines, and tenants
Community groups and litigants
Estimated fiscal impact: No publicly available information.