Ottawa may be unable to spend all of the $500-million it has committed to the overhaul of Toronto’s waterfront before it lapses, according to an internal report obtained by Torstar News Service.

The federal money was first committed in 2000 over seven years, but Ottawa had to extend it to 2011 when it was clear the funds would not be spent by 2007-08, according to a report obtained by Torstar News Service. Provincial and municipal funding totalling $1-billion is available until 2014-15, though Queen’s Park has only spent $82-million and the city has spent $143-million to date.

The waterfront reclamation aims to attract industry, build affordable housing and establish parks and public spaces for residents and visitors. It was originally intended to support Toronto’s failed 2008 Olympic bid, but has continued on with great difficulty since.