The report, titled Unlocking Value: A Strategy to Finance Transit Expansion with Existing City Assets & Revenue, says parking lots and other city assets could generate up to $1 billion to go toward Toronto's pressing transit needs. The report's recommendations include:Putting a stop to the city-owned Toronto Parking Authority's current practice of diverting 25 per cent of its revenue to future parking expansion. Selling air rights of some city-owned surface-level parking lots to developers so they can add commercial or residential spaces on top of the lots and put the parking underground. Looking at raising the city's debt ceiling by factoring in all sources of city revenue, not just property tax. "Those parking spots could go underground so the city's not losing parking revenue," she said.

Source: CBC News September 15, 2016 20:26 UTC