Item - 2020.PA20.6

The Board of Directors of Toronto Parking Authority:

1. Authorized the Acting President, Toronto Parking Authority to negotiate, enter into, and execute on behalf of the Toronto Parking Authority, a parking management agreement with WDL 3/4/7 LP to manage the 196-space surface parking lot located at 373 Front Street East, in accordance with the terms and conditions as generally outlined in Confidential Attachment 1 to the report (November 29, 2020) from the Acting President, Toronto Parking Authority.

 
2. Directed that Confidential Attachment 1 to the report (November 29, 2020) from the Acting President, Toronto Parking Authority remain confidential in its entirety, as it relates to a position to be applied to negotiations being carried out by Toronto Parking Authority.

This report seeks the approval of the Board of Directors of the Toronto Parking Authority to enter into a Parking Management Agreement with WDL 3/4/7 LP (WDL or the Owner) in order to manage a 196-space surface parking lot located at 373 Front Street East (also known as Car Park 289) (the Subject Property), for a term of six (6) months, in accordance with the terms and conditions outlined in Confidential Attachment 1.

Toronto Parking Authority has been operating public parking for WDL at the Subject Property for the past two (2) years and has arrangements with WDL to manage parking at two (2) other locations. Although the Subject Property will be redeveloped in the short-term, WDL has requested that Toronto Parking Authority continue to provide parking management services at this location for approximately six (6) months. The terms and conditions of the proposed agreement are generally consistent with the prior agreement save and except the term of the agreement, number of parking spaces to be managed and such necessary administrative changes resulting from the term and modifications to the layout of the parking facility, including minor modifications to the rates charged to the Owner.