The Toronto Port Authority says bad timing has finally put to rest plans to build a controversial $38-million pedestrian bridge to the island airport.

The port authority said Tuesday that there isn't enough time to build it under the federal government's stimulus package guidelines.

A spokesperson for the port authority put out a news release saying that the tunnel would not be substantially completed by March 2011 as required by the federal government.

The release stated the authority would provide no further details on the issue.

Word of the possible tunnel link first surrfaced in late August. Federal dollars would have only covered half the cost. The Toronto Port Authority, a federal agency, had been prepared to contribute another $7 million.

Premier Dalton McGuinty had said he would consider providing provincial funding once his government saw a formal proposal.

Passengers of Porter Airlines, the main tenant of the airport, currently take a 90-second ferry ride across the West Channel to reach the airport.

Porter has steadily been expanding its operations at the airport, adding new flights and destinations.

Brian Iler -- chair of CommunityAIR, which opposes the very existence of the island airport -- said Tuesday in a news release that according to the TPA's own consultants, the tunnel would have cost as least twice as much as the estimated $38-million cost.

In addition, no business case for the tunnel was ever made public or presented to the port authority board, he said.