TORONTO [Peter Paul Media] — Vehicle Gateway Corporation’s Board of Directors on Tuesday passed a $78 million dollar motion to rename Canada’s national tower, a statement by the company said.
The bid will be formally introduced next Tuesday, the company announced. The agreement would see the corporation retain rights to rebuild and rename the tower but the “Canada Lands Company Limited” would still keep ownership of the 1,815 foot tower.
“The $78 million bid will not only help give Toronto a unique boost in the tourism department, it will also help the Canadian economy immensely,” said Peter Davies, Director of Sales and Marketing at Vehicle Gateway.
Canadian Finance Minister Jim Flaherty said earlier that he would consider selling real estate and other Crown assets to maintain a balanced budget, the statement said.
“We are going to review the corporate assets, the capital assets, of the government of Canada, to see whether they still perform a useful function for the Canadian people,” said Flaherty.
“If that review shows that there should be some assets that should be sold, then we’ll go ahead with them,” he added. The company’s plan for the redesign of the CN Tower are still in the works but Davies was quoted as saying that they involved having the outer structure coloured green.
“A plan is in the works to have the outer structure coloured green with green solar-powered LED lights also installed throughout,” said Davies.
The company added that they would work with Environment Canada to “ensure the new tower sets a benchmark in environmental sustainability and corporate social responsibility.”
The CN Tower was completed in 1974 at a cost of $63 million dollars.