Toronto Parking Authority Parking Management Services Portfolio Update

In most cases, Toronto Parking Authority provides a full range of services, however, a more limited arrangement may be provided in some cases at the request of the contracting party. In 2019, Toronto Parking Authority's parking management business generated approximately $31,524,683 in annual gross revenue. While demands and revenues have softened during the COVID-19 pandemic, it is expected that this part of Toronto Parking Authority's business will thrive as public health restrictions are lifted. Within the context of the new City-Wide Real Estate model, where Toronto Parking Authority no longer has an interest in the ownership of land, Toronto Parking Authority is increasingly shifting its focus to an expansion of the parking management services it provides to third parties through Parking Management Agreements. This part of Toronto Parking Authority's business has a lower risk profile and has the potential to generate returns that outperform the traditional operation of owning and operating parking facilities. The purpose of this report is to provide Toronto Parking Authority Board of Directors with the first update on the status of Toronto Parking Authority's Parking Management Agreements portfolio, an overview of the policy framework governing Toronto Parking Authority's management of parking for third parties, a number of key issues impacting Toronto Parking Authority's parking management portfolio and an overview of new opportunities. Future updates will be provided on a quarterly basis moving forward.