The LCBO headquarters in downtown Toronto will be sold and redeveloped, as part of the Ontario government's efforts to reduce its $16-billion deficit, the finance minister says.
The sale is expected to generate more than $200 million, Dwight Duncan announced during a luncheon at the Economic Club of Canada on Monday.
But Ontario won't scrap all-day kindergarten, even though a much-anticipated report by former TD Bank economist Don Drummond is reportedly recommending that, Duncan said.
LCBO spokesman Chris Layton told CityNews, “We’re pleased that redevelopment will contribute to the government’s efforts to maximize a provincial asset and generate additional revenues to help with current fiscal challenges.”
Layton didn’t know any further details about the sale, and a spokesman from the finance ministry said it was "still early days," and that no decision has been made about the redevelopment.
The property at 55 Lakeshore Blvd. E., near Yonge, includes the LCBO's head office as well as a warehouse on Freeland Street and an LCBO store on Queen’s Quay.
A retail store will remain in the area, while the headquarters will be moved, the government said. The warehouse may be consolidated with one of the LCBO's four other warehouses, Layton said.
The finance minister also said Monday that the government will involve the private sector more in ServiceOntario "through a strengthened public-private partnership."
About two-thirds of the 200 ServiceOntario's in-person service locations, which is separate from the kiosks, have already been outsourced.
The province also said it will also evaluate the annual $345 million funding that supports 17 horse racetracks, given the need for continued investment in health care and education.
The cost of the subsidy would pay for more than 27,800 hip or knee replacement surgeries or provide more than nine million hours of home care, the government said.
Duncan reiterated that the government is on track to meet its deficit target this year, and said the above measures will help it stay on track to eliminate the deficit by 2017-18.