A report by Toronto city staff indicates that a $120 million tax break should be offered to the Woodbine Entertainment Group and The Cordish Company, developers of the Woodbine Live! expansion at the Rexdale oval.
The Toronto Star reported yesterday that the tax break should be spread over a 20-year period and that the proposed incentive would be the first-ever offered by Toronto under a new program just approved by the City in May.
The Toronto city staff report says Woodbine Live! had asked the city to forgo $147 million in taxes over 20 years, but city officials are recommending the aforementioned lesser figure.
The article states that Toronto will still receive $179.3 million in new additional revenue – through development charges, $76.3 million in new taxes, and the city's cut of additional slot-machine earnings, worth an extra $75.5 million over 20 years.
Click here to read The Toronto Star article in its entirety.
(With files from The Toronto Star)