Item - 2024.PA10.9

The Board of Directors of the Toronto Parking Authority:

1. Authorized payment of $3,112,698 excluding HST for the purchase of 339 pay-by-plate parking machines from Precise Park Link, which will be made pursuant to the terms and conditions of the Master Services Agreement between the Toronto Parking Authority and Precise Park Link dated July 1, 2016.

The purpose of this report is to secure the Board's approval to purchase 339 Pay by Plate parking meters for $3.1 million as part of management's multi-year strategy to replace its end-of-life parking payments equipment. These dollars are included in the Toronto Parking Authority's 2024 capital plan.

As background, on April 21, 2023, the Board of Directors of the Toronto Parking Authority approved the purchase of 225 pay-by-plate on-street parking meters valued at $2.06 million. This purchase and deployment represented Phase One of our parking equipment modernization strategy. (Please refer to PA3.8 Pay by Plate Equipment Purchase).

During Q4 of 2023, 225 new pay-by-plate meters were deployed. The implementation of these meters has driven better performance outcomes; specifically, the Toronto Parking Authority achieved approximately $198,000 in savings, driven by reduced operating expenses, avoidance of EMV fees, and rate change expenses. In addition, the new meters provide improved consumer payment options including debit, Apple and Google pay.

The investment in the new equipment will also materially mitigate our Parking Equipment/Technology Management risk profile identified in our Enterprise Risk Management Strategy. (Please refer to PR5.4 Toronto Parking Authority Enterprise Risk Management Report). Toronto Parking Authority will leverage its Master Services Agreement with Precise Park Link to purchase the pay-by-plate on-street equipment.