Google’s futuristic development on the eastern waterfront, Quayside, is only the first step in an expansive and ambitious plan to build new neighbourhoods — and new transit — throughout the entire Port Lands, the Star has learned.To finance this vision, Sidewalk Labs wants a share of the property taxes, development fees and increased value of city land that would normally go to city coffers.Internal documents obtained by the Star show Sidewalk Labs plans to make the case that it is “entitled to … a share in the uptick in land value on the entire geography ... a share of developer charges and incremental tax revenue on all land.”These future revenues, based on the anticipated increase in land value once homes and offices are built on the derelict Port Lands, could amount to a large, recurring revenue stream diverted from the city into private hands.Slides from a presentation given to parent company Alphabet in November, marked “proprietary and confidential,” show Sidewalk Labs does not intend to construct buildings on the majority of the Port Lands, but wants to benefit from their increased value once other developers build there.The California-based tech giant envisions redevelopment on 350 acres in the Port Lands area — an area almost 30 times larger than Quayside — by financing underground infrastructure and a light rail line. The slides also indicate Google’s Canadian headquarters will be built on Villiers Island.Read more:Sidewalk Labs hires former Toronto councillor for Quayside projectToronto Public Library should control data collected at Quayside, Board of Trade saysAuditor general’s report urges province to ‘reassess’ Quayside projectWhen the Star asked Sidewalk Labs for comment, the company confirmed the slides were authentic and provided an updated presentation that walked back the scale of what was presented internally.In an interview, Sidewalk Labs CEO Dan Doctoroff ...
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