Item - 2019.PA2.2

The Board of Directors of the Toronto Parking Authority:

1.  Authorized Toronto Parking Authority staff to make technical amendments to the terms and conditions approved by the Board of Directors of the Toronto Parking Authority at its December 19, 2017 meeting (Item PA6.1, Parking Management Agreement - 30 Rosemount Inc., 4 Rosemount Avenue) in respect of a parking management agreement with Rosemount Properties Inc. to operate the 34-space surface parking facility located at 4 Rosemount Avenue, in general accordance with the Draft Agreement appended as Attachment 1 to the report (January 18, 2019) from the Acting President, Toronto Parking Authority.

The Toronto Parking Authority (TPA) Board of Directors (Board), at its meeting of December 19, 2017, authorized staff to enter into a parking management agreement with 30 Rosemount Properties Inc. to manage the 34-space parking facility located at 4 Rosemount Avenue (Subject Property), generally in accordance with the terms and conditions set out in Board Item PA6.1, as approved. Certain technical adjustments have arisen in the course of finalizing the agreement requiring acknowledgement from the Board and refinement of the approved terms and conditions, namely:

- A change in ownership of the Subject Property;
- That the TPA, not the owner, will supply the required pay and display machine and parking signage; and
- An option to extend the one-year pilot term for an additional five years is being deleted.