Item - 2019.PA1.4

The Board of Directors of the Toronto Parking Authority:  

1.  Authorized staff to enter into an agreement with International Estonian Centre Inc. to operate a 38-space surface parking facility located at 9 Madison Avenue in general accordance with the draft agreement outlined in Confidential Attachment 1 to the report (December 17, 2018) from the Acting President, Toronto Parking Authority, and authorized the Acting President, Toronto Parking Authority, to negotiate and enter into an agreement containing such other or amended terms and conditions as may be acceptable to the Acting President, Toronto Parking Authority, and in a form satisfactory to the City Solicitor.

2.  Authorized staff to enter into an agreement with CreateTO and Build Toronto Inc., as required to operate the parking facility located at 9 Madison Avenue for the interim period between the assumption of ownership by Build Toronto Inc. and the assumption of ownership by International Estonian Centre Inc. in general accordance with the proposed terms and conditions outlined in Confidential Attachment 2 to the report (December 17, 2018) from the Acting President, Toronto Parking Authority, and authorized the Acting President, Toronto Parking Authority, to negotiate and enter into an agreement containing these terms and conditions, or such other, or amended, terms and conditions as may be acceptable to the Acting President, Toronto Parking Authority, and in a form satisfactory to the City Solicitor.

3.  Authorized the release of Confidential Attachments 1 and 2 to the report (December 17, 2018) from the Acting President, Toronto Parking Authority, after entering into the agreement contemplated in the report (December 17, 2018) from the Acting President, Toronto Parking Authority.

The Board of Directors of the Toronto Parking Authority recessed its public session to meet in closed session to consider Item PA1.4, Parking Management Agreement - 9 Madison Avenue, as it relates to criteria to be applied to any negotiations carried on by the Toronto Parking Authority.

This report seeks the approval of the Toronto Parking Authority ("TPA") Board to enter into a parking management agreement ("Agreement") with International Estonian Centre Inc. ("Prospective Purchaser") to operate an existing 38-space surface parking facility, currently referred to as Municipal Carpark 238, located at 9 Madison Avenue ("Property"), in accordance with the terms and conditions as outlined in Confidential Attachment 1 - 9 Madison Avenue Proposed Management Agreement. This report also seeks Toronto Parking Authority Board approval to enter into an agreement to operate the surface parking facility for the interim period after the assumption of ownership by Build Toronto Inc., and prior to the Prospective Purchaser's assumption of ownership of the Property.