Toronto Parking Authority Parking Management Services Portfolio Update - First Quarter 2023

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 2022, Toronto Parking Authority 's parking management business generated $24,625,284 in Gross Revenue. While demands and revenues softened during the COVID-19 pandemic, 2022 Gross Revenues exceeded both 2020 and 2021 results and grew 90 percent Year-over-Year compared to 2021. 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 the Toronto Parking Authority Board of Directors with an update on the status of Toronto Parking Authority's Parking Management Agreement portfolio.