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←Toronto Parking Authority · 2023-03-03 · 2023.PA2.6

The filed record

Toronto Parking Authority Rental Property Portfolio Update - First Quarter 2023

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The decision

2023-03-03 · Toronto Parking Authority · adopted

As filed

The Board of Directors of Toronto Parking Authority: 1. Received the report (February 1, 2023) from the President, Toronto Parking Authority for information. 2. Directed that the confidential information contained in Confidential Attachment 1 to the report (February 1, 2023) from the President, Toronto Parking Authority remain confidential in its entirety, as it contains positions, plans, procedures, criteria or instructions

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to be applied to any negotiations carried on, or to be carried on, by or on behalf of the Toronto Parking Authority.

On the agenda

As the city filed it

Toronto Parking Authority has a commercial and residential rental portfolio comprised of 35 units accounting for over 7,000 square metres (m) across 17 properties. The tenancies are varied in use including retail, office, car wash operations and residential. The entire rental portfolio generated a Gross Revenue of $1,164,008 in 2022. Toronto Parking Authority's rental portfolio has grown over the past 35 years. Intended to animate the streetscape and attract parking demands, retail units were built between 1980 and 2000 into above grade parking structures.

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Toronto Parking Authority has also grown its rental portfolio through the acquisition of properties in areas where high future parking demands have been projected. This strategy was primarily employed during the 2010's when properties were acquired and held with interim rental units in place while the sites were prepared for the future development or expansion of car parks. The management of commercial and residential tenancies falls outside of the core services that Toronto Parking Authority delivers and has been identified for centralization under Corporate Real Estate Management through the City-Wide Real Estate model. Implementation of the centralized real estate service delivery model is in progress and the work needed to transfer Toronto Parking Authority's rental portfolio has commenced and will continue through the first quarter of 2023. Until the transfer is completed, Toronto Parking Authority will continue to be responsible for tenancy management and property maintenance at its rental properties in consultation with Corporate Real Estate Management under their delegated authority for real estate transactions. The purpose of this report is to provide Toronto Parking Authority Board of Directors with an update on the status of Toronto Parking Authority's rental property portfolio including an overview of the portfolio's holdings, a review of the key issues impacting Toronto Parking Authority's management of the rental property portfolio and an overview of new opportunities.

Staff recommended

The President, Toronto Parking Authority recommends that: 1. The Board of Directors of Toronto Parking Authority receive this report for information purposes only. 2. The Board of Directors of Toronto Parking Authority, direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains positions, plans, procedures, criteria or instructions to be applied to any negotiations carried on, or to be carried on, by or on behalf of the Toronto Parking Authority.

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