Item - 2015.GM5.26

The Government Management Committee recommends that:

1.  City Council authorize the acquisition by the City of the property known municipally as 242 Danforth Avenue (the "Property") from 242 Danforth Developments Inc. (the "Vendor") for the purchase price of $2,600,000 and substantially on the terms and conditions contained in Appendix A attached to the report (May 29, 2015) from the President, Toronto Parking Authority, plus the additional expenditure of approximately $655,000 for construction and associated costs such as land transfer tax, appraisal fees, environmental studies, legal and brokerage fees for a total acquisition cost estimate of $3,255,000, conditional on:

a. all entry and exit access to the parking area being located off Danforth Avenue;
b. greenspace being included on the west side of the lot;
c. an appropriate visual barrier being erected on the north side of the property;
d. permeable pavers being installed on the property;
e. the establishment of a Working Group composed of representation from the local BIA, the local Residents Association, the Toronto Parking Authority, appropriate City staff and the Ward Councillor to resolve outstanding issues regarding the site, including the treatment of the east and south sides of the property.

2.  City Council direct that, pending approval of Recommendation 1, funding of $2.800 million for Project No. 429 (Captor Number TPA907960) be advanced from the year 2021 to 2015 and that funding of $0.455 million from Captor Number TPA907959 be re-allocated to Project No. 429 (Captor Number TPA907960) in 2015.

3.  City Council authorize that the acquisition of the Property without the assignment of the sign lease as described in Appendix A to the report (May 29, 2015) from the President, Toronto Parking Authority, in the event that the Toronto Parking Authority (the 'TPA') and the Vendor agree that the lease will not be assigned as part of the transaction.

4.  City Council, upon acquisition, designate the Property for municipal parking purposes, to be managed by the Toronto Parking Authority.

5.  City Council authorize the City Solicitor to complete the purchase transaction, deliver any notices, pay any expenses and amend the closing and other dates to such earlier or later date(s), on such terms and conditions, as she may, from time to time, determine.

The purpose of this report is to obtain Council's authorization to purchase the property municipally known as 242 Danforth Avenue from the owner, 242 Danforth Developments Inc. in order to construct and operate a surface parking facility having 20 spaces in order to service the short term parking needs of the surrounding Danforth BIA neighbourhood.