After meeting with Toronto Mayor Rob Ford at Queen's Park on Wednesday, Premier Dalton McGuinty told reporters he will help secure federal money for the city's subway line expansion.

McGuinty, who is preparing for the upcoming provincial election on Oct. 6, said that the mayor wanted to know if there was a possibility to accelerate the contingency fund to help support the investment in the $4-billion Sheppard subway line expansion.

"New mayor, new deal," McGuinty told reporters as he explained there was $333 million in federal funding "at risk" if the province doesn't co-operate with the city to persuade the federal government to relocate the financial support.

However, the premier said he couldn't guarantee to give the city up to $650 million in provincial funds that could go to the Sheppard project if it isn't spent on the Eglinton plan, which the province is funding.

"We could make up to $650 million available once we fully determine what our costs are associated with the Eglinton line," he said. "And it's pretty hard to make that determination at this point in time."

The meeting, which lasted 55 minutes, also centered on a host of other issues including permission to sell off hundreds of community housing properties.

Ford said he asked McGuinty for permission to sell 900 Toronto Community Housing Corporation properties as the city seeks to offset a $774-million budget shortfall in 2012

"As you know, we can't sell those and that's a lot of revenue for our capital projects to improve our existing stock of Toronto community housing," Ford said at Queen's Park.

The two also discussed the future of Ontario Place and Exhibition Place -- two of the City's aging tourist attractions that the premier said are presently underused.

"What a better use is, I don't know, but at some point we should work together to ensure it's something that invites people here, that is an important tourist draw," McGuinty said. "I think we should take a look at what the possibilities might be."

Leading up to the meeting on Wednesday, there was wide speculation that Ford might be asking the Ontario Liberal leader for more money to kick-start the Sheppard subway line expansion. However after the conference, the mayor said he did not ask for "new money."

Ford mayor said the meeting went well and that both he and the premier had a "good conversation." He admitted, however, that both he and McGuinty were not particularly good friends.

"I've obviously known Mr. McGuinty for a long time -- my dad was in the legislature at the same time he was -- so I don't have a great friendship because I've never known him that well," said Ford. "I think the whole city knows what we need and hopefully the next premier on Oct. 7 will put Toronto as a priority."

Ford said he will be approaching both Tim Hudak and the leader of Ontario's New Democratic Party to ask what they will accomplish for the city.

"I asked the premier, and I'll be asking Miss Horwath and Mr. Hudak the same questions: what are they going to do for Toronto? More specifically, the Sheppard subway," Ford said.

The last time Ford and McGuinty connected, it was in December over former Toronto Mayor David Miller's Transit City project.

So far, a number of ideas have been suggested on how the city should meet its deficit -- including laying off city workers, reducing public transportation and closing public libraries.

With files from The Canadian Press.