Investment in Parking at 229 Richmond Street West

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The decision

2021-02-08 · Toronto Parking Authority · amended

As filed

The Board of Directors of Toronto Parking Authority: 1. Received a preliminary financial analysis on the feasibility of investing in public parking at 229 Richmond Street West contained in Confidential Attachment 1 to the report (January 25, 2021) from the President, Toronto Parking Authority. 2. Directed Toronto Parking Authority to work with CreateTO to conduct further due diligence on the investment in public parking at 229 Richmond Street West at a cost not to exceed $350,000 (plus Harmonized Sales Tax).

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3. Directed the President, Toronto Parking Authority, in consultation with the Director, Energy and Environment Division, to submit to the Board of Directors a report on any new investments in parking infrastructure construction to ensure the investment is advancing the City's climate mitigation goals, including, but not limited to: reducing the energy and resources footprint of the construction, the lifecycle costs, electric vehicle ready installation, onsite storm water management features, encourage transportation mode share shift and adaptive reuse of any physical structures. 4. Directed that Confidential Attachment 1 to the report (January 25, 2021) from the President, Toronto Parking Authority remain confidential in its entirety, at the discretion of the President, Toronto Parking Authority, as it pertains to financial information that belongs to the Board of Directors of Toronto Parking Authority and has monetary value or potential monetary value.

On the agenda

As the city filed it

In October of 2019, City Council approved the acquisition of a privately-owned property at 229 Richmond Street West (Subject Property). The acquisition of the Subject Property closed on January 15, 2020 and represents an important City-building opportunity due to its location and corresponding property value. CreateTO, with internal and external stakeholders, including Toronto Parking Authority and Parks, Forestry and Recreation Division, has been working to develop conceptual designs to establish the feasibility of developing the Subject Property with a surface park and underground municipal parking.

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The current parking garage design includes 144 parking spaces over three (3) below grade levels with access provided to and from Nelson Street. The subject property is located in a high demand area for parking, but is underserved with municipal parking. Strategically located within the Entertainment District and one of the highest growth areas in the City of Toronto, an investment in parking in this area would fill an identified need. The purpose of this report is to provide an update on the potential investment in parking at 229 Richmond Street West and to seek concurrence from Toronto Parking Authority Board of Directors to work with CreateTO to carry out additional due diligence in the form of a preliminary design for the garage and a cost estimate. Should it be determined that the investment in parking at 229 Richmond Street West is financially viable, a further update will be provided to Toronto Parking Authority Board of Directors with a request for authority to make a financial contribution to the construction of parking at the Subject Property.

Staff recommended

The President, Toronto Parking Authority recommend that the Toronto Parking Authority Board of Directors: 1. Direct that the information contained in Confidential Attachment 1 remain confidential in its entirety, at the discretion of the City Solicitor, as it pertains to financial information that belongs to the Board of Directors of Toronto Parking Authority and has monetary value or potential monetary value. 2. Receive a preliminary financial analysis on the feasibility of investing in public parking at 229 Richmond Street West contained in Confidential Attachment 1.

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3. Direct Toronto Parking Authority to work with CreateTO to conduct further due diligence on the investment in public parking at 229 Richmond Street West at a cost not to exceed $350,000 (plus Harmonized Sales Tax).

On the record

The item as the City filed it

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