Item - 2022.PA29.5

The Board of Directors of Toronto Parking Authority:

1.  Directed that Confidential Attachment 1 to the report (April 1, 2022) from the President, Toronto Parking Authority, remain confidential in its entirety, as it pertains to positions, plans, procedures, criteria or instructions to be applied to negotiations to be carried on by the Toronto Parking Authority.

The Board of Directors of Toronto Parking Authority recessed its public meeting to meet in closed session to consider this item as it pertains to positions, plans, procedures, criteria or instructions to be applied to negotiations to be carried on by the Toronto Parking Authority.

Toronto Parking Authority operates an extensive inventory of 309 off-street parking facilities containing over 40,000 spaces. 143 of these locations, including more than 23,000 parking spaces are managed and operated by Toronto Parking Authority under arrangements collectively described as "Parking Management Agreements". Through Parking Management Agreements, Toronto Parking Authority provides some, or all of the following parking management services: undertaking of capital improvements, provision of payment equipment, including use of the Green P Mobile App, coin collection services, enforcement and maintenance. In most cases, Toronto Parking Authority provides a full range of services, however, a more limited arrangement may be provided in some cases at the request of the contracting party.

In 2021 Toronto Parking Authority’s parking management business generated $12,961,434 in gross revenue. While demands and revenues softened during the COVID-19 pandemic, it is expected that this part of Toronto Parking Authority’s business will recover as public health restrictions continue to be lifted. Within the context of the new City-wide Real Estate model, where Toronto Parking Authority no longer has an interest in the ownership of land, Toronto Parking Authority is increasingly shifting its focus to an expansion of the parking management services it provides to third parties through Parking Management Agreements. This part of Toronto Parking Authority’s business has a lower risk profile and has the potential to generate returns that outperform the traditional operation of owning and operating parking facilities.

The purpose of this report is to provide Toronto Parking Authority Board of Directors with an update on the status of Toronto Parking Authority’s Parking Management Agreement portfolio. Future updates will be provided on a semi-annual basis moving forward.