Stocks

Alphabet unit wants share of property taxes for Toronto smart city

Stock prices increasing and decreasing in value
Credit: Shutterstock photo

TORONTO, Feb 15 (Reuters) - Alphabet Inc'sSidewalk Labs unit is seeking a share of property taxes, development fees, and the rising value of Toronto city land as part of a deal to build a smart city, a report in Toronto Star newspaper.

Sidewalk Labs, which provides urban technology infrastructure, is planning a 4.9-acre smart city along Toronto's harbor front, a project that has already faced opposition from locals over concerns of data privacy.

The paper reported on Friday that Sidewalk Labs believed they were "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," citing presentation slides obtained by the newspaper.

Sidewalk Labs Chief Executive Officer Dan Doctoroff told the newspaper the slides were authentic.

"We're prepared to take the risk up front 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," Doctoroff told Toronto Star.

Sidewalk Labs and the Toronto City Mayor's office did not have an immediate comment.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

GOOGL

Other Topics

Politics

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More