Targeted Update to Off-Street Parking Rates - First Quarter 2023

The Public Gallery wrote no story on this item. What follows is the city’s own record of what happened to it, as filed: nothing on this page is summarised or scored by us.

The decision

2023-03-03 · Toronto Parking Authority · adopted

As filed

The Board of Directors of Toronto Parking Authority: 1. Approved the rates at the off-street parking facilities identified in Table 1 in the report (February 16, 2023) from the President, Toronto Parking Authority, and directed the President, Toronto Parking Authority, to implement these rates on or before April 1, 2023.

On the agenda

As the city filed it

The purpose of this report is to seek approval from the Board of Directors of Toronto Parking Authority to make targeted adjustments to parking rates at seven (7) off-street parking facilities. These recommended changes are in addition to the recent approval of rate changes at over 100 off-street locations at the November 14, 2022 Board meeting. Management has reviewed the competitive dynamics at these seven (7) locations and recommends that we execute modest price increases at these high demand locations to maximize yield while maintaining competitiveness in the marketplace.

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This approach is consistent with good commercial practices and aligns with Council direction to review pricing opportunities across our portfolio.

Staff recommended

The President, Toronto Parking Authority recommends that: 1. The Board of Directors of Toronto Parking Authority approve the rates at the off-street parking facilities identified in Table 1 in this report and direct the President, Toronto Parking Authority, to implement these rates on or before April 1, 2023.

On the record

The item as the City filed it