Item - 2021.PA25.8

The Board of Directors of Toronto Parking Authority:

1.  Adopted the confidential instructions to staff in Confidential Attachment 1 to the report (July 5, 2021) from the President, Toronto Parking Authority.

 
2.  Toronto Parking Authority Board of Directors directed that Confidential Attachment 1 to the report (July 5, 2021) from the President, Toronto Parking Authority remain confidential in its entirety, as it contains information about a position to be applied to negotiations being carried out by Toronto Parking Authority and advice that is subject to solicitor-client privilege.

This report seeks authority from Toronto Parking Authority Board of Directors to accept a proposed settlement payment from Empire Communities (1603 Eglinton) Ltd., (the Developer) related to lost revenue compensation as a final outstanding matter under a Purchase and Sale Agreement that was entered into between Toronto Parking Authority and the Developer dated February 12, 2013 (the Agreement).

Under the terms of the Agreement, the Developer was responsible for constructing 33 parking spaces in accordance with Toronto Parking Authority Design Specifications (the Public Parking Facility) and turning over the Public Parking Facility to Toronto Parking Authority on or before March 31, 2020. Turnover of the Public Parking Facility was not completed until December 4, 2020. Under the Agreement, the Developer is responsible for compensating Toronto Parking Authority for the delay in the turnover of the Public Parking Facility. The Developer asserts that the delay was attributed to work stoppages that were required as a result of the Covid-19 pandemic.