Vol. CXXXVII, No. 20 March 6 , 2017 thevarsity.ca —— The University of Toronto’s Student Newspaper Since 1880
City of Toronto, Victoria University to continue negotiations on taxes Deadline set for September 30 Tamim Mansour Varsity Contributor
Let the students decide Four slates, independents compete in historic UTSU election News Feature, pages 10–11
UTMSU elections underway The executive candidates gathered for a debate on March 1 at the Blind Duck Pub. The elections run from March 7–9
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The City of Toronto’s Government Management Committee voted to continue negotiations with Victoria University about the loss of property tax revenue due to exemptions granted by the Victoria University Act. The motion set a deadline for September 30, 2017; the City Treasurer is authorized to request that the provincial government remove the exemptions from the Victoria University Act if city staff fail to reach an agreement with Victoria University by then. This comes after a vote by City Council last summer directing the treasurer to examine the tax implications of the Victoria University Act. A report on these implications was supposed to have been presented at the November 14, 2016 meeting of the Government Management Committee, but according to the City, “additional time was needed in order to allow the City to hold further meetings with Victoria University and to evaluate, clarify and respond to a proposal put forward by Victoria University.” The Victoria University Act, enacted in 1951, exempts the college from property taxes on all properties owned by Victoria University including land that is not occupied and used by the college. This stands in contrast to other universities, like York University, OCAD University, and Ryerson University, who only enjoy exemptions on properties occupied and used by the universities. U of T, through the University of Toronto Act, also enjoys the same exemptions as Victoria University. However, U of T has been making voluntary payments to Toronto on their properties that are leased to third parties at fair market rental since 1949. According to Victoria University, the province implemented the tax exemption to encourage the revitalization of the then-struggling Bloor Street West neighbourhood and “such development would also provide an income stream for post-secondary education, and a new revenue stream for the City of Toronto.” The City estimates that between the 2009 and 2015 tax years, land owned by Victoria University at 131 Bloor Street West, which is leased to Revenue Properties Company Limited, the owners of the Colonade, has been exempted from a total of $12,213,171 in taxes. The city estimates foregone 2013–2015 tax revenue on other lands owned by Victoria University and at least partly occupied by third parties to be worth $2,715,409. This includes the lands at 151 Bloor Street West leased to GE Canada Real Estate Equity Holding Company; 153 Bloor Street occupied by Club Monaco; 8 St. Thomas Street currently under construction by Kingsett Capital, and 110 Charles Street West occupied by consulting firm McKinsey & Company. Victoria University, page 3