Federal court judge Kevin Alto approved the sale of rotting ship Captain John's for an undisclosed amount.
Under terms of this latest court auction — the second in a year — the ship must be removed by Toronto’s waterfront by the end of the month, weather depending.
Ports Toronto refuses to disclose how much it is paying a veteran scrapper to tow Captain John’s floating restaurant from the foot of Yonge St. and cut it into tiny, rusting pieces, other than to stress it won’t cost taxpayers a dime.
The costs of the complex tow by two specialized tugs through the Welland Canal to Port Colborne — estimated by some marine experts at well over $400,000 — are being shared by the federal port authority, Waterfront Toronto and Cityzen Developments.
Waterfront Toronto, which gets most of its funding from the three levels of government, said its share will come from the sale of waterfront land.
Ports Toronto stressed that it is financially self-sufficient through its port and island airport operations and that the bid details are proprietary.
Cityzen, which couldn’t be reached for comment, is a private development company which is building the waterfront Residences of Pier 27 condo complex immediately to the east of the rusting relic and had been promised the ship would be gone last year. It’s launching sales soon for a new, 35-storey condo tower on the parking lot adjacent to Captain John’s.
Federal court justice Kevin Aalto approved a deal Monday that will see the ship sail one last time — by May 26, weather willing — tied to two massive tugs that will take it to the Port Colborne scrap yard of Marine Recycling Corp.
Alto approved the sale — after a first auction last summer ended in failure — after being warned that the aged ship, the Jadran, is in “shocking” condition and has almost sunk twice in the last month.
“This is clearly a case that requires closure,” Aalto said, adding that Marine Recycling’s bid was the most credible of four proposals, two of them “negative bids” that will see waterfront officials pay, rather than get paid, money.
The other was an offer from Priestly Demolition in partnership with entrepreneur James Sbrolla to remove it for $250,000.
Source: the star. 11 May 2015