Just in case we’re questioned on that $500 million figure - our money spent in support of the Island Airport and Porter. Here are the facts:

·        an onerous $48 million settlement, approved by the Lastman Council, payable $4.8 million per year by the City to the TPA. The result of the land transfer by the Toronto Harbour Commission to the City’s TEDCO.  

·        Almost $40 million unpaid on property taxes (PILTs) claimed by the City(from the 2008 TPA financial statements)..

·        $3.276 million charged by the TPA for use of the harbour by the City’s Island ferries (from the 2008 TPA financial statements).

·        Plus the two ferries @ $5 million each, and the $10 million for the ferry terminals, all bought for Porter by the TPA.

·        Plus the abortive Rochester ferry terminal - ~$10 million.

·        Porter is also the recipient of Export Development Corporation financing for all his planes after the first four – this means he hasn’t had to go to the market for financing since the original $100 million he received from a group of investors at the startup stage. Value - $25 million per plane. Up to $450 million – the actual amounts are not specified, but the range is given by EDC. See: http://www.edc.ca/english/popups/9242.htm  and http://www.edc.ca/english/popups/15940.htm.

It may or may not be precisely $500 million – but the order of magnitude is right!