The province and the city have inked a new deal that aims to help cash-strapped Toronto “achieve long-term financial stability.” Toronto Mayor Olivia Chow said the new funding agreement will provide Canada’s largest city with billions more for priority projects, including transit improvements and building more affordable housing. The deal was made in exchange for the city of Toronto’s cooperation in the province’s plans for the redevelopment of Ontario Place.

Here is a look at highlights of the agreement:

Highways:

• The Gardiner Expressway and Don Valley Parkway will be uploaded to the province to “ensure the long-term protection, preservation, and enhancement” of the Toronto highways. The province said the move will provide Toronto with $7.6 billion in capital relief.

Transit:

• The province will provide annual operating funding of $330 million over three years beginning in 2024–2025 for the Eglinton Crosstown LRT and the Finch West LRT

• The Ontario government is offering a one-time $300 million payment to the city as part of its “Subway and Transit Safety, Recovery and Sustainable Operations Fund.” The fund, the province says, will help “build back ridership” by increasing service and is contingent on new safety measures on the TTC. Those include “increased presence of police or safety officers on and near transit,” as well as the continued expansion cell service across the TTC network, and “enhanced emergency reporting options and response timelines for riders.”

• Ontario will provide $750 million in funding for 55 new subway trains for the TTC’s Line 2 that is contingent on matching funding from the federal government.

Shelters:

• The province is offering $600 million in additional operating support for shelters and homelessness, which is conditional on federal support for refugee and asylum claimants.

Ontario Place: 

• In exchange of the cash-infusion, the city has agreed to accept the province’s authority to advance approvals for Ontario Place, including “the ability to acquire land and water at and around Ontario Place” as needed. The province has also agreed to look into relocating the parking structure at Ontario Place to the grounds of Exhibition Place in an effort to improve public access to the shoreline.

Science Centre:

• The agreement also includes the city’s cooperation on the relocation of the Ontario Science Centre. The city and province will also discuss “future partnership opportunities” to maintain some science programming at the current Ontario Science Centre location.