Compensation delays worry Yonge Street tenant

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By Caroline Alphonso 

Ted Schwartz says he won’t have anywhere to go unless the city speeds up its compensation process.

Schwartz the World of Shoes store at Yonge and Dundas Streets and is a tenant of the building.

The building is one of the 12 properties that has been expropriated by the city to make way for the Yonge and Dundas redevelopment project.

Landowners and tenants will receive compensation for their properties and businesses.  The city and businesses are now in negotiations.

But Schwartz says the process is moving too slowly.

“I haven’t seen a penny yet,” he said.  “The city should have settled this months ago.”

Schwartz has to leave by Jan. 15 after he was served with an expropriation notice.

But until he receives his compensation package, Schwartz says he cannot make any arrangements to relocate his business.

He would not reveal how much money he expects to receive because he is in negotiations with the city.

“I am in jeopardy because I am going to lose money and my business,” Schwartz said.

Stephen Waqué, a lawyer representing the city, says negotiations with Schwartz have begun but he is waiting to receive the financial information he requested from the business owner.

When the city receives this, Waqué says negotiations will continue.

Construction of a new development at Yonge and Dundas, which will include a 30-screen theatre and public square, is to be completed by the fall of 2000.

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