Contract Award - 5043-47 Exit Stairwell Rehabilitation at 2 Church Street (Car Park 43)

Car Park 43 is consistently one of the top five (5) highest revenue-generating garages across our portfolio. As such, this investment is critical from a safety perspective and consistent with our strategy to reinvest in our infrastructure State of Good Repair capital and reduce reputational risk to our brand Paul Didur Architect Inc., was retained by Toronto Parking Authority in August 2021 to perform a condition assessment of the car park, and undertake design services. Paul Didur Architect's structural consultant found the four stairwells at the northwest of the building required immediate repair. The current condition of the stairs is consistent with the end-of-service life for a 40-year-old facility. Paul Didur Architect provided Toronto Parking Authority with a letter stating that the stairwells are unsafe and required immediate repair to comply with Ontario Building Code. The Request for Tender package for stair replacement was issued for public tender on MERX on June 6, 2022, with four (4) bids received upon tender close on July 6, 2022. Based on the submission of a compliant bid, the bid price, ability to complete the work in the prescribed time and the conformance to tender requirements, Toronto Parking Authority is recommending that the contract of work for 5043-47 - Exit Stairwell Rehabilitation at 2 Church Street (Car Park 43) be awarded to Ritestart Limited. The replacement of the stairs is scheduled to start in August 2022 and the construction completion is scheduled for second quarter 2023.

Tender requirements, in the amount of $4,330,389 plus $1,300,000 as a contingency allowance, being the sum total amount of $5,630,389 excluding Harmonized Sales Tax.