June 27, 2017
Jennifer Pagliaro, Jayme Poisson
The Toronto Star
The Toronto Parking Authority was preparing to purchase this property near Finch Ave. W. and Hwy. 400. (Bernard Weil / Toronto Star)
A recently revealed inflated land deal negotiated by the Toronto Parking Authority involving a seasoned lobbyist, a sign consultant and a city councillor should be investigated by police, the City’s audit committee heard Tuesday.
The site in question is a five-acre grassy plot of land located on the south side of Finch Avenue West between Arrow Road and an on-ramp for Highway 400 and the intended use was for parking spaces and the bike-share program.
Auditor General Romeo-Beehler concluded that the “(Toronto Parking Authority)’s actions created unnecessary risk of overpaying an additional $2.63 million” and that executives failed to obtain the independent evaluation required to determine fair market value.