It could cost taxpayers more than $8-million dollars to allow a developer to clean up a contaminated site near the Bayview O-Train Station.
The site is located at 900 Albert Street. The developer of this now contaminated property has an application in to the city to develop three residential towers.
The city provides grants to clean up contaminated sites.
A city report says this particular site would cost $8.2 million dollars.
The report says the rehabilitation of the site would result in economic benefits to the community. The report says, “During the development of the site, direct and indirect economic benefits to the local economy will be experienced as a result of building demolition, site remediation and the construction period through payroll, purchased material supplies and services and equipment rentals.”
It goes before finance committee next week.