2053 Dufferin Street - Municipal Car Park 670

As part of its ongoing review of underperforming locations, Toronto Parking Authority has identified Car Park 670 as a candidate location for disposal. Demands for parking at this location have been consistently low for a number of years and Toronto Parking Authority has realized net losses in each of the 14 years prior. Toronto Parking Authority has evaluated a range of options to improve the financial performance of Car Park 670, but has concluded that the operating expenses incurred at Car Park 670 will continue to exceed the revenues generated for the foreseeable future, regardless of the structure of the arrangement. A detailed analysis of the operations at Car Park 670 and the various options considered by Toronto Parking Authority to improve financial performance is provided herein. Given the low demand for parking, the continued financial losses and the availability at other Toronto Parking Authority lots operating nearby, Toronto Parking Authority is recommending that Toronto Parking Authority Board of Directors declare the property at 2053 Dufferin Street surplus to the operational needs of Toronto Parking Authority and refer the property to Corporate Real Estate Management to make available for other City Divisions, Agencies and Corporations. Should there be no interest in the property expressed by other City Divisions, Agencies and Corporations, the property would be made available for purchase on the open market. In addition, this report addresses the status of the Private Premises that are being used by Toronto Parking Authority for the expanded operation at Car Park 670. Toronto Parking Authority's use of these lands was the subject of a parking management agreement that expired in 2017. While the terms and conditions of the parking management agreement have continued to be honoured since the expiry of the agreement, authority is being requested to formally acknowledge the arrangement with the owner of the Private Premises and resolve all outstanding issues at 2053 Dufferin including the payment of all fee arrears and capital work needed to restore the Private Premises to their original condition.