Strengthening Toronto’s culture and economy
According to independent consulting firm Nordicity, a revitalized Massey Hall is estimated to contribute to Ontario’s economy $348 million and close to 4,000 jobs through construction, operation and tourism between 2016 and 2025. This is in addition to city, provincial and federal tax revenues totaling more than $108 million. A renewed Massey Hall will be the catalyst for the revitalization of the Yonge-Dundas entertainment district, stimulating demand for other businesses, including restaurants and clubs, and raising the neighbourhood and city’s profile as a “Music City.” The new Hall will also strengthen Toronto’s social fabric and reimagine its storied history as a hub for civic discourse —debates, meetings and speakers’ series are among the possibilities — in the heart of the city’s downtown core.
A solid investment
As Canada’s longest continuously operating music venue, Massey Hall has a more than century-long history of solid financial management. The revitalized Hall will inject increased revenue into the corporation’s operations from ticket sales and rental of the additional performance spaces and lounges. Projections indicate that every $1 million of government investment alone will return close to $4.2 million in GDP impact and $1.3 million in taxes and fees. Private investment offers an equally strong return with the assurance that every dollar donated will be carefully stewarded and formally acknowledged as part of Massey Hall’s donor recognition program.