First off, straddling the forum from UT to SkyCities or whatever it is is a freakin' hassle Mods! If you cross link them, then crosslink the login too!
I've re-read your post a few times, it's missing reference to *who* last time? In all fairness they've all failed in various ways.
But that's the hidden beauty of it becoming 'arm's length' from either, and also the danger.
Done right, it's a win-win-win. Some nations have done this very well, some using Cdn money! (Oz and the UK immediately come to mind) Is Cdn money different there than here? Of course not, but the *political and societal accommodation* is.
And it could here too, which is exactly what Desjardins-Siciliano has articulated for VIA HFR. And bear in mind that the first special adviser appointed to the Infrastructure Bank was Bruce McCuaig , ex CEO of Metrolinx.
Subsequently:
https://www.renewcanada.net/bruce-mccuaig-joins-aecom/
All the pieces are in place. My only concern, and it's a huge one, is to keep the hands of the blundering idiots in QP off of this. Being "right of centre" can either be based on fiscal competence and sharp business acumen, or on knee-jerk reactionism. Label companies are hardly the stuff of leading edge tech.
This is an important sub-string that may be misplaced under this string premise, but it must be continued. Along with this must be a discussion of what "DBFOM" means, as it's also 'twisting in the wind' with the present QP regime, and yet it's the life blood of the Crosstown Project, and others that follow. Ontario and Canada are 'new to this game' compared to other nations far ahead of us on transit issues.
Get this wrong, and we're sunk. Get it right, and we're off to the races. The pieces are all in place to do this. But the question is, who is the most competent to do it? By default, it's the Feds, and by *shepherding* it, it won't become a Constitutional issue.