Toronto is going to build a 125-metre flagpole with the cost being picked up — like it or not — by businesses in the neighbourhood.

City council approved a plan to put up the big pole in Emery Village, near Highway 400 and Finch Avenue, on Thursday.

Coun. Giorgio Mammoliti, who has been pushing the project, says it's about time the city invested in the neighbourhood.

"A poor part of the community finally has its square — finally has a commitment from this council that says you should be recognized as well — just like the downtown core," said Mammoliti.

Although the city won't spend anything to raise the flag pole, it will cost the city about $5 million to acquire the land.

Coun. Michael Thompson, says he's dumbfounded that the city will spend anything on the project. "This is a city that is broke," he said.

The plan calls for about 2,700 local businesses to cover the $3.5 million cost through a levy.

The Emery Village Business Improvement Area supports the idea but hasn't consulted all of its members.

Coun. Howard Moscoe commends Mammoliti for his vision. But Moscoe suggests getting a corporate sponsor to pay for it — maybe Pfizer, the maker of Viagra.

"I think this largest pole erection in North America will in fact attract a whole lot of attention. But the pole itself is not going to draw people there," Moscoe said.