Update 2:32 p.m. EST : Everyone has been waiting to see what Rob Ford will say about the alleged crack-smoking video and the police announcement that they are in possession of it. He briefly spoke with Canadian journalists outside of his office and stated that he can't comment on the police findings because, in his words,  "It's before the courts."  Ford added, "I have no reason to resign."

Original: The Toronto Police announced during a press conference on Thursday that it had arrested Mayor Rob Ford's friend and driver Alexander Lisi, and that they had acquired a video "consistent" with news depictions of a video that reporters who have seen it have said shows Ford smoking crack. According to Chief William Blair, "the mayor does appear in that video."  

But, Blair stopped short of stating that have video of Rob Ford's smoking crack. During Thursday's press conference, Blair stated that the police force was in possession of video that they believe matches up with a video that was described in the press. CBC News reports: 

We have recovered a digital video file, which is consistent with that which had previously been described in various media reports, and that file forms part of the evidence of the charge that we have laid today,” 

The only video of Ford that the press was really invested in finding was one of him partaking in drug use, in particular the smoking of crack cocaine — that video was shopped to the likes of Gawker and the Toronto Star and viewed by journalists at both organizations but neither was able to obtain it. Ford has maintained that video does not exist.

"Blair told reporters they recovered two videos from a computer hard drive that are relevant to their investigation. At least one will eventually be presented in court," The Toronto Star reported. 

When asked about what he saw in the video, Blair responded not unlike someone who watched their mayor smoke crack.  "As a citizen of Toronto, I'm disappointed." He added: "This is a traumatic issue for the citizens of this city."