Item - 2021.PA26.4

The Board of Directors of Toronto Parking Authority:

1.  Authorized the President, Toronto Parking Authority, to negotiate, enter into and execute on behalf of Toronto Parking Authority, a parking management agreement with Starbank Developments 350 Corp. with respect to the 51-space surface parking lot located at 342-350 Bloor Street West/4 and 6A Spadina Road, known as Car Park 259, in accordance with the terms and conditions as generally outlined in Confidential Attachment 1 to the report (September 7, 2021) from the President, Toronto Parking Authority and on such other terms and conditions or amended terms and conditions as may be acceptable to the President, Toronto Parking Authority, and in a form satisfactory to the City Solicitor.

2.  Directed that Confidential Attachment 1 to the report (September 7, 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 authority from Toronto Parking Authority Board of Directors to extend the parking management services provided to Starbank Developments 350 Corp. (Owner) at Car Park 259, which is located at 342-350 Bloor Street West/4 and 6A Spadina Road (the Property) (refer to Appendix A - Site Location Map). Should the recommendations of this report be adopted, the Agreement will extend Toronto Parking Authority's management of Car Park 259 for a five-year term. The proposed Agreement with the Owner will be in accordance with the terms and conditions outlined in Confidential Attachment 1.