Item - 2023.PA2.5
Tracking Status
- This item was considered by Toronto Parking Authority on March 3, 2023 and was adopted without amendment.
PA2.5 - Targeted Update to Off-Street Parking Rates - First Quarter 2023
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Board Decision
The Board of Directors of Toronto Parking Authority:
1. Approved the rates at the off-street parking facilities identified in Table 1 in the report (February 16, 2023) from the President, Toronto Parking Authority, and directed the President, Toronto Parking Authority, to implement these rates on or before April 1, 2023.
Origin
Summary
The purpose of this report is to seek approval from the Board of Directors of Toronto Parking Authority to make targeted adjustments to parking rates at seven (7) off-street parking facilities. These recommended changes are in addition to the recent approval of rate changes at over 100 off-street locations at the November 14, 2022 Board meeting. Management has reviewed the competitive dynamics at these seven (7) locations and recommends that we execute modest price increases at these high demand locations to maximize yield while maintaining competitiveness in the marketplace. This approach is consistent with good commercial practices and aligns with Council direction to review pricing opportunities across our portfolio.
Background Information
https://www.toronto.ca/legdocs/mmis/2023/pa/bgrd/backgroundfile-234631.pdf