2053 Dufferin Street - Municipal Car Park 670

(Owner), authorized by Toronto Parking Authority Board of Directors in 2007. 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.

3. Toronto Parking Authority Board of Directors direct Toronto Parking Authority to notify Corporate Real Estate Management that the property is surplus to the operational requirements of Toronto Parking Authority and that Corporate Real Estate Management be requested to make the property located at 2053 Dufferin Street available to City Divisions, Agencies and Corporations, and that should there be no interest, that the property be disposed in keeping with the standard approach to disposition of lands. 4. Toronto Parking Authority Board of Directors authorize the President, Toronto Parking Authority to negotiate, enter into and execute an Agreement with the Owner to resolve all outstanding issues at 2045 Dufferin Street, including the payment of all arrears, and further management fees for a period not exceeding 18 months from February 8, 2021 and capital work needed to restore the Private Premises to their original condition. 5. Toronto Parking Authority Board of Directors direct Toronto Parking Authority to terminate all operations at Car Park 670 as soon as practical and request Corporate Real Estate Management to apply a Municipal Capital Facility designation to the site. 6. Toronto Parking Authority Board of Directors request City Council to remove Car Park 670 located at 2053 Dufferin Street from the list of municipal parking facilities identified in Chapter 950 of the Toronto Municipal Code.