07/16/2008 11:00PM

Woodbine gets $120M tax break


The Toronto City Council, by a vote of 32-6 on Wednesday, approved a plan to give the Woodbine Entertainment Group a $120 million tax break over 20 years for its Woodbine Live! development project.

Woodbine Entertainment had applied for the tax break under the city's community improvement program.

The project, a partnership between Woodbine Entertainment and the Baltimore-based developers The Cordish Company, is a $1 billion-plus, 180-acre project combining retail, entertainment, and residential elements.

Jane Holmes, the vice president for corporate affairs of Woodbine Entertainment Group, said there are still many details to be ironed out, including approval for the residential component.

"We'll have to go back in the fall," Holmes said. "We have to have a community-improvement plan, including what kind of amenities we'll have and where we're going to put them.

"If everything goes smoothly, we may be able to start work next spring."