Alphabet claims shares of property taxes for Toronto Smart City

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Alphabet claims shares of property taxes for Toronto Smart City

The Sidewalk Labs unit of Alphabet Inc. had been preparing to claim a share of development fees, rising values and property taxes of Toronto city land, as a part of a deal to build the smart city, the company made a public announcement on Friday, the 15th of February, through a slide presentation.

In an interview with Toronto Star Newspaper, the CEO of Sidewalk Labs, Dan Doctoroff said, “We’re prepared to take the risk upfront of developing a model to help make that happen, and we’re prepared to essentially get paid back when we’ve demonstrated that it can be successful."

Sidewalk Labs, a subsidiary of Alphabet Inc., designed to provide urban technology infrastructure, had been planning to work on a 4.9-acre smart city along the Toronto’s harbor front, although the project had already faced oppositions from the local residents on concerns of data privacy.

Earlier, the Sidewalk Labs said that the proposal was yet to be probed by the local residents and the Toronto city administrators and they also added that the company had the potential to generate around $4.5 billion to pay for the infrastructure over a period of 30 years.

According to Sidewalk Labs’ project outline, their planned city would have a light railway transit, 2,500 homes, 40 percent of which would be sold below market price, and a tall-timber factory, which would create roughly 4,000 jobs.