Toronto City Council votes to maintain capital loan guarantee program

Artscape wishes to express its gratitude to the Mayor and 38 Toronto City Councillors who voted late on Tuesday July 12 to save the City’s Capital Loan Guarantee Program from elimination as had been previously recommended by the Executive Committee.

“We are so grateful that Council agreed to take a second look at this program which has helped make some of the City’s most innovative public and not-for-profit development projects happen,” said Artscape’s president and CEO, Tim Jones. “It was terrific to see politicians from all sides of the political spectrum come together around a compromise that will improve the program,” commented Mike Woollatt, Chair of Artscape’s Government Relations Committee.

The deal to save the program was forged after Artscape proposed a series of motions to strengthen recommendations by City staff to reduce the risk to the City. Special thanks are owed to the leadership at City Hall including Councillor Gary Crawford who made the successful motion and Councillor Michael Thompson who strongly supported efforts to preserve the program. Artscape is also grateful to Councillors Shelley Carroll and Mike Layton for their leadership on this issue.

Saving the Capital Loan Guarantee Program will make it possible for organizations like Artscape, with long-term capital loans on City-owned assets such as the award-winning Artscape Wychwood Barns, to make a case to the City when they need to be renewed. It will also keep the City’s options open when supporting innovative new projects that serve the City’s interests.

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