Sidewalk Labs reportedly partnering with financial investors for infrastructure plans

Google’ sister company Sidewalk Labs is reportedly “shopping” around for financial partners for infrastructure development related to the proposed smart city project Quayside.

The Globe and Mail reported that the company is in discussions with private investors and talking with the Canada Infrastructure Bank.

Documents from last November reveal that Sidewalk Labs has completed seed financing for its infrastructure developments and that it is getting into finalized agreements with investors.

It said that Sidewalk Labs had “discussed general capital structure with the [Canada] Infrastructure Bank,” The Globe and Mail wrote, adding the CIB confirmed of these discussions, “which is standard for any external organization.”

Sidewalk Labs has been under the microscope for some time now for not revealing details of the project. In an explosive report, the Toronto Star revealed the company had plans to make the project bigger than the proposed 12-acre construction.

NDP Member of Parliament Charlie Angus told MobileSyrup that he might call on Canada’s Ethics Commissioner and Ontario’s Integrity Commissioner to investigate.

Sidewalk Labs partnered with Waterfront Toronto after its proposal was finalized in October 2017.

Waterfront Toronto’s board of directors approved the Plan Development Agreement (PDA) with Sidewalk Labs in July 2018. The 58-page PDA said Sidewalk Labs will invest about $40 million USD (about $52.87 million CAD) to develop the Master Innovation and Development Plan (MIDP).

Of that total amount, $2.6 million USD (about $3.52 million CAD) would be invested in relation to legal, regulatory and policy issues.

Source: Globe and Mail