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←Toronto Parking Authority · 2024-10-18 · 2024.PA11.5

The filed record

2024 - 2026 City of Toronto - Toronto Parking Authority Net Income Share Agreement

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The decision

2024-10-18 · Toronto Parking Authority · adopted

As filed

The Board of Directors of the Toronto Parking Authority: 1. Authorized the President, Toronto Parking Authority, to negotiate, execute and enter into the 2024 - 2026 City of Toronto - Toronto Parking Authority Net Income Share Agreement prepared by City staff, in accordance with the terms set out in 2024.EX15.9 for a three (3) year period, effective January 1, 2024, as generally provided in Attachment 1 to the report (September 25, 2024) from the President, Toronto Parking Authority.

On the agenda

As the city filed it

The purpose of this report is to seek authority from Toronto Parking Authority (TPA) Board of Directors for the President, Toronto Parking Authority to execute the final form of the new Net Income Share Agreement with the City of Toronto (the "City"). Terms and conditions of the new Agreement were approved by the Board in May 2024 and City Council in June 2024. Toronto Parking Authority and the City's Financial Planning Division developed the new Agreement to provide Toronto Parking Authority access to sufficient resources to both fund its Capital Program, while continuing to make annual contributions to the City of Toronto through its dividend.

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Under the new framework, the net income sharing formula is revised from an 85/15 ratio to 75/25, such that Toronto Parking Authority's share of net income is increased from 15 to 25 percent. This enhanced ratio provides Toronto Parking Authority with the incremental net income over the next three (3) years to address the extensive backlog in state of good repairs (SOGR) in Toronto Parking Authority's garages. In addition, as part of the new Agreement, the City will directly fund the continued capital expansion of Toronto Parking Authority's Bike Share Toronto and EV Charging programs. The Net Income Share Agreement will retroactively take effect January 1, 2024, for a three (3) year period ending December 31, 2026.

Staff recommended

The President, Toronto Parking Authority recommends that: 1. The Board of Directors of the Toronto Parking Authority authorize the President, Toronto Parking Authority, to negotiate, execute and enter into the 2024 - 2026 City of Toronto - Toronto Parking Authority Net Income Share Agreement prepared by City staff, in accordance with the terms set out in 2024.EX15.9 for a three (3) year period, effective January 1, 2024, as generally provided in Attachment 1 to this report.

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