TORONTO - Toronto city council will hold a special meeting today to consider paying another $417 million into a plan to purchase new streetcars.
The city has already committed $355 million for the streetcars, to be built by Bombardier Inc. (TSX:BBD.B) in Thunder Bay, Ont.
The province will pick up $416 million of the $1.2 billion cost and the city was hoping the federal government would kick in the remaining $417 million.
But Infrastructure Minister John Baird repeatedly said Toronto's request for money did not qualify under terms of the federal stimulus program.
The plan calls for 204 streetcars to be rolled out from 2011 to 2018 to replace an aging fleet.
Councillors are expected to discuss the issue today at the Toronto Convention Centre instead of city hall because of the ongoing strike by about 24,000 municipal workers.
