Agreement and Amendment to Extend Agreement with Brink's Canada Limited for Coin and Note Processing

This report seeks approval from TPA Board of Directors to amend the previously authorized agreement for coin and note processing with Brink's to extend the term of this agreement for an additional two (2) years from April 30, 2018 to April 30, 2020. Since May 1, 2018, TPA has been operating and retaining services from Brink's without a formal written agreement. TPA has continued to operate under the same agreement terms as defined in the executed agreement from 2014 and subsequent amendments. The proposed amendment to the previously authorized agreement with Brink's is to address the outstanding concerns arising from this two-year period. This report seeks approval from TPA Board of Directors to negotiate, execute, and sign an additional one (1)-year agreement with Brink's for coin and note processing to provide sufficient time to consider procurement options and scope of services which will address changing consumer payment preferences and recent COVID-19 impacts, without suffering adverse operational impacts.

2. The Board of Directors of Toronto Parking Authority authorize the President, Toronto Parking Authority, to negotiate, enter into, and execute, on behalf of Toronto Parking Authority, a one-year agreement with Brink's Canada Limited, in accordance with the terms and conditions as generally outlined in Attachment 5 to this report and on such other or amended terms and conditions as may be acceptable to the President, Toronto Parking Authority, and in a form satisfactory to the City Solicitor.