CIBC Chairman Announces $1 Million Commitment to Ontario's Waterfront Regeneration Trust

TORONTO, Nov. 27, 1996 - CIBC today announced a major partnership with the Waterfront Regeneration Trust. The bank will provide $1 million to support the Trust, which is spearheading economic and environmental renewal in communities along the Lake Ontario shoreline and watersheds.

"Our commitment to the Waterfront Regeneration Trust underlines CIBC's support for projects that promote community economic development in Ontario and across this country," said CIBC chairman Al Flood. "The Trust is bringing about a dramatic rebirth of waterfronts from Niagara-on-the-Lake to Trenton and we are proud to champion this initiative."

Flood noted that communities located on lakes or rivers are rediscovering what a priceless asset their waterfronts can be in terms of both economic development and quality of life.

"The work of the Trust so far has been invaluable in helping these communities realize the full potential of their watershed areas."

The Waterfront Regeneration Trust was established in 1992 to co-ordinate programs to restore waterfront lands and to create a waterfront trail. The trail was inaugurated by Trust chairman David Crombie in 1995 and it now joins more than 30 waterfront cities, towns and villages.

Other projects the Trust has been involved in include the regeneration of Cobourg Harbour area, where the Trust worked with community partners to clean up an old industrial site starting in 1993. This resulted in the redevelopment of both the harbour and Victoria Park, which made the area more attractive for further residential and commercial purposes. Shortly after, a condominium project of 40 residences was constructed, creating jobs and investment for the town. Further developments are planned for the future.

Similarly, waterfront improvements in the city of Burlington have helped improve the community's economy. Office vacancy there has decreased from 24.5 per cent in 1993 to 13 per cent in 1996.

"CIBC has been helping to build these communities for more than 100 years," Flood said. "We have grown as they have grown and we will partner with them as they revitalize their economies for the future."

Flood said CIBC staff in each of the waterfront communities will work closely with local representatives of the Trust to identify appropriate improvement projects and help with their implementation. "We intend to act as a catalyst in developing and supporting initiatives."

Crombie said CIBC's donation would allow the Trust to significantly expand its activities, beginning with the launch of "A Summer's Journey" in 1997.

"Waterfront regeneration relies on the creativity, energy and commitment of the people who live, work and play on the waterfront," said David Crombie. "And this work is helped enormously by the commitment the CIBC and its employees bring to the waterfront. We are delighted with the CIBC's decision to join us in working for community economic and environmental renewal along the waterfront. We are proud of this model partnership and recognize CIBC's leadership will encourage others."

CIBC is committed to working with partners in community organizations across Canada to support their economic, social and cultural strength. Through its support of hundreds of national, provincial and local community development initiatives, the bank hopes to raise the quality of life where CIBC customers and employees live and work.

Contact: Rob McLeod,
CIBC, (416) 980-3714 or
Marlaine Koehler, Director,
Waterfront Regeneration Trust
Tel: (416) 943-8080 Fax: (416) 943-8068
e-mail: webmaster@wrtrust.com

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