E-News ~ August 31, 2023
Dear friends and neighbours,
As I'm sure many of you have heard, Artscape has shut down operations effective Monday, August 28, 2023 and will enter into receivership. Artscape is a not-for-profit developer and manager of creative space that provides affordable live and work spaces. I still remember working diligently with City staff, stakeholders and the community to be able to bring Artscape to Weston Common. It was such a momentous event knowing that there was finally a space in our community for everyone to gather, and experience arts and culture and express their creativity. Unfortunately, COVID-19 related shutdowns led to financial pressures for many of the Artscape properties. City staff will be working closely with Artscape to develop a business continuity plan to ensure tenants are supported until a receiver is appointed to oversee the organization's assets. As the situation evolves, I will keep you informed through my newsletter.
Last week at Executive Committee, an "Updated Long-Term Financial Plan" for the City of Toronto was presented. The purpose of this report is to identify and consider immediate and long-term opportunities to address the City's fiscal challenges. A few opportunities identified, were a new Municipal Sales Tax, a graduated Municipal Land Transfer Tax, an increase to the Vacant Home Tax and a New Commercial Parking Levy to name a few.
The "Updated Long-Term Financial Plan" report will be before City Council on September 6th and I would like to hear your thoughts on the following:
1) New Municipal Sales Tax (Requires Provincial Authorization)
There is no set percentage set at this time.
2) Graduated Municipal Land Transfer Tax
This graduated plan will increase on high value properties, see chart:
Value of Consideration Rate (Purchase Price)
Over $3,000,000 and up to $4,000,000 3.5%
Over $4,000,000 and up to $5,000,000 4.5%
Over $5,000,000 and up to $10,000,000 5.5%
Over $10,000,000 and up to $20,000,000 6.5%
Over $20,000,000 7.5%
3) Vacant Home Tax
The request is to increase the current Vacant Home Tax from 1 % to 3%
4) New Commercial Parking Levy
A levy on lands utilized for non-residential paid (i.e. Medical Centres) and unpaid parking (i.e. Shopping Malls) within the City of Toronto could be applied. Staff will report back during the budget process 2024.
If you would like more information on the "Updated Long-Term Financial Plan" I have attached the link for your convince.
https://secure.toronto.ca/council/agenda-item.do?item=2023.EX7.1
Your feedback on the proposed Taxes and Tax increases would be greatly appreciated. Please call (416) 392-4091 or email councillor_nunziata@toronto.ca my office.
Starting Sunday, September 3rd, the 512 St. Clair streetcar will be replaced by busses as key TTC maintenance and infrastructure improvements take place along the St. Clair corridor. TTC expects these improvements will take up to a year's time to complete. Please see below for full details.
I hope everyone enjoys the long weekend and I want to wish all the kids a safe return as they go back to school!
Sincerely,
Frances