Item - 2021.PA22.7

The Board of Directors of Toronto Parking Authority:

1.  Authorized the President, Toronto Parking Authority to enter into and execute separate parking management agreements with Manga Hotels (King) Inc., related to the operation of two (2) separate commercial parking facilities located at 689 King Street West and 180 Spadina Avenue in accordance with the terms and conditions as outlined in Confidential Attachment 1 to the report (March 2, 2021) from the President, Toronto Parking Authority and any such other or amended terms and conditions as may be acceptable to the President and in a form satisfactory to the City Solicitor.

2.  Directed that Confidential Attachment 1 to the report (March 2, 2021) from the 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 Toronto Parking Authority Board of Directors to enter into and execute two (2) separate parking management agreements with Manga Hotels (King) Inc. (the Owner) in order to manage two (2) parking facilities (collectively the Subject Properties), located at 689 King Street West (Subject Property 1) and 180 Spadina Avenue (Subject Property 2), for a term of three (3) years, in accordance with the terms and conditions outlined in Confidential Attachment 1.

The Subject Properties are both located in high demand areas where Toronto Parking Authority's rate setting strategy can be used to encourage short-term parking that will support local business. Both of the Subject Properties are being operated by third-party parking management operators as commercial parking facilities and will require minimal capital improvements to meet Toronto Parking Authority design requirements.

Toronto Parking Authority was approached about the opportunity to operate the Subject Properties based on the full range of parking management services that Toronto Parking Authority offers, as well as, the strength of the Green P brand, in general. This opportunity will allow Toronto Parking Authority to capture the demand for parking in two (2) key locations in the downtown core and further improve its competitive position in the marketplace.