THUNDER BAY, Ont. - A plan has been formed for Toronto to secure all the funding it needs for a $1.2-billion streetcar contract.
The project for 204 streetcars, to built at Bombardier (TSX:BBD.B) in Thunder Bay, Ont., was contingent on securing a one-third share from Ottawa by Saturday.
Last week, however, federal Transport Minister John Baird reiterated that the streetcar project does not qualify for federal stimulus cash.
Toronto Transit Commission spokesman Brad Ross says the commission will come up with $417 million itself.
Ross tells Thunder Bay radio station CKPR the TTC will defer some of its capital spending until 2018 to make up for Ottawa's shortfall.
Toronto Mayor David Miller has called an emergency meeting for Friday where council will decide whether to approve the TTC plan.
"The streetcars are too important to the TTC and the City of Toronto," Ross said. "We needed to find another way to do this."
"This requires city council's approval and that's what we hope to achieve tomorrow."
The Ontario government has committed $416 million to the project.
