Item - 2020.PA15.4

The Board of Directors of Toronto Parking Authority:

1.  Approved the amendments to Toronto Parking Authority Policy Resolution 2-1 - Parking Rates - Off-Street Facilities in Appendix A to the report (May 19, 2020) from the Acting President, Toronto Parking Authority, and directed the President, Toronto Parking Authority, to enact this Policy Resolution, as amended.

Toronto Parking Authority's (TPA) mandate is to provide competitively priced short-term, high turnover parking to serve Toronto's neighbourhood retail and commercial sector areas and support the City's transportation strategy and network by discouraging long-term parking, especially in downtown and mid-town commercial areas and other commercial areas well served by transit.

TPA Policy Resolution 2-1 - Parking Rates - Off-Street Facilities sets out the rate setting policy used to establish appropriate parking rates at off-street facilities. The overarching goal of the TPA pricing strategy is to ensure an availability of short-stay, high turnover public parking supply by ensuring facilities are kept busy, but not full. By pricing half-hour rates to achieve an average 85 percent peak occupancy, and either lifting or setting day rate maximums at, or above, nearby competition to discourage long-term parking and support turnover, parking revenue is maximized while achieving TPA's mandate.

The purpose of this report is to provide the Board of Directors of TPA with background and reference materials concerning the rate setting policy for off-street facilities, including the use of a competitor benchmark, which compares the rates of similar nearby operations in the establishment of a proposed rate in the context of local parking market demand.

This report also requests that the Board of Directors of TPA approve amendments to TPA Policy Resolution 2-1 - Parking Rates - Off-Street Facilities. TPA is recommending

that Policy Resolution 2-1 be amended to provide clarity on the off-street rate review

process, including the use of benchmarking. A number of housekeeping changes are also proposed.