Item - 2019.PA10.2

The Board of Directors of Toronto Parking Authority:

1.  Approved the following parking rates for Municipal Car Park 304, located at 11 Wellesley Street West, and directed the President, Toronto Parking Authority, to implement these rates when Municipal Car Park 304 becomes operational:

a.  Monday to Sunday and Holidays:

1.  $3.00 per half hour;

2.  Day Maximum (7:00 a.m.-6:00 p.m.): $15.00; and

3.  Night Maximum (6:00 p.m.-7:00 a.m.): $8.00.

In January 2017, Toronto Parking Authority (TPA) was provided authority from TPA Board of Directors and City Council to proceed with a transaction between TPA and Lanterra Developments (Bay Wellesley) Limited (Lanterra) for the acquisition of a municipal parking facility at 11 Wellesley Street West (the Property, Car Park 304). Lanterra, the owner of the Property, has redeveloped the site with a mixed-use building, which includes a multi-level underground parking garage. The transaction involves the acquisition by the City of a stratified interest in a below-grade strata of the Property within which a municipal parking facility would be located and form part of a mixed commercial/retail/residential development. 

The Property purchase is expected to close in late 2019 and, shortly thereafter, TPA will commence operations of the 134-space below-grade parking garage. In preparation for the commencement of operations at Car Park 304, the TPA Board of Directors is requested to approve the proposed parking rates, as detailed in Table 1, Comparison of TPA Rates, for the new facility.