TTC staff now believe that federal funding to help pay for dozens of new subway trains along Line 2 could be forthcoming, a report set to be being considered by the transit commission’s board today reveals.
The TTC and the province have already committed to paying $1.52 billion of the approximately $2.2 billion cost of procuring 55 new trains to service the line but the federal government still hasn’t officially committed to paying the remaining balance.
Back in the summer, then TTC CEO Rick Leary raised concerns about the absence of a federal commitment, calling it a “very serious issue.”
But in a report headed to the TTC board today staff offered some reason for optimism, noting that the federal government confirmed last month that the TTC will be eligible for funding under the 10-year, $30 billion Canada Public Transit Fund.
“It is anticipated the TTC’s allocation under this funding stream will be sufficient to secure the $758 million in …