Katie Franzios reports on the executive committe voting for Build and Invest Toronto.

The city's executive committee has approved two new arm's-leghth corporations proposed to make Toronto more economically competitive on the world stage. Build Toronto and Invest Toronto would develop under-used land and promote private-sector investment in the city, respectively.  

If city council approves at the end of the month, the two could be set up by the end of the year. They would be splitting the responsibilities of the Toronto Economic Development Corporation (TEDCO).

Mayor David Miller says TEDCO is too small for the type of large-scale projects needed to stay competitive, projects that may generate billions of dollars for the city.

CFRB's Katie Franzios has more.

While all those on the executive committee approved of the proposal, many say there needs to be clearer guidlines in place for development and public private partnerships.