Things to consider as you review and consider Volume 3
While Volumes 1 and 2 propose plans for development and innovation (mostly things that we can see and touch), in Volume 3 of the MIDP, Sidewalk Labs describes what they think is required to make those plans happen.
When reviewing Volume 3, it’s important to note that Sidewalk Labs puts forward proposals that, if implemented, would introduce major changes to how waterfront revitalization is currently governed, regulated, and funded over a much larger scale than the 12 acres of Quayside. In the Draft MIDP, Sidewalk Labs states that these proposals are required to achieve Waterfront Toronto’s priority outcomes.
While Sidewalk Labs identifies Waterfront Toronto as a potential Public Administrator, our current mandate enables us to perform some of these roles, but not all. To realize this proposal, additional public sector involvement would be needed.
Waterfront Toronto, working with the public and external experts, will be reviewing and evaluating the Draft MIDP to determine whether we agree with these proposals, and the conditions under which (if any) we would be interested in exploring them further. Any further work on Volume 3 proposals would require a decision by Waterfront Toronto to raise these proposals for consideration to all three levels of government, who would be the ultimate decision-makers.
Specifically related to the geographic scope of the proposals, Waterfront Toronto has told Sidewalk Labs that the concept of the IDEA District is premature and that Waterfront Toronto must first see its goals and objectives achieved at Quayside before deciding whether to work together in other areas. Even then, we would only move forward with the full collaboration and support of the City of Toronto, particularly where it pertains to City-owned lands.
Sidewalk Labs’ Proposal
The ideas in Volume 3, including the Supplementary Tables, reflect four overarching elements of the Draft MIDP that frame and connect the entire proposal. They include:
A proposed IDEA District that is 190 acres and which comes with a governance construct and a phased approach for its expansion that would be subject to government approvals
Roles for Sidewalk Labs as a developer, advisor, tech deliverer, and provider of optional financing
Financial streams for the public sector related to real estate, infrastructure, and Intellectual Property
Government commitments (including potential future investments) required and areas of necessary public policy and regulatory reform