The Deputy City Manager, Cluster A, and the Deputy City Manager and Chief Financial Officer of Toronto (Ontario, Canada) have recommended Toronto City Council to proceed with an Alternative Financing and Procurement (AFP) model for the implementation of the George Street Revitalization project using a Design-Build-Finance approach.

Back in 2015, City hired Ernst and Young Orenda Corporate Finance Inc. (EY) to analyze the implementation of the PPP model and carry out a Value for Money analysis. The company recommended the Design-Build-Finance (DBF) procurement and delivery model.

Infrastructure Ontario (IO) will act as a commercial procurement lead for the Alternative Financing and Procurement approach.

The cost of the Design-Build-Finance procurement method is estimated at CAD498.8 million (US$382 million).