Item - 2020.PA16.4

The Board of Directors of Toronto Parking Authority:

1.  Approved the weekend parking rate adjustments in the amounts and at the parking facilities identified in Attachments 1 and 2 to the report (July 10, 2020) from the Acting President, Toronto Parking Authority, and directed the President, Toronto Parking Authority, to implement these rate changes anticipated to commence in August 2020.

At its meeting on June 3, 2020, Toronto Parking Authority (TPA) Board of Directors approved amendments to TPA Policy Resolution 2-1 - Parking Rates - Off-Street Facilities. The approved amendments include a framework for the use of a weekend benchmark to guide the establishment and use of weekend rates where there is an opportunity to increase demands at underutilized car parks while at the same time supporting local businesses and destination commercial retail. Pricing weekend rates to manage occupancy is consistent with TPA's mandate and other rate setting objectives, which support local businesses while discouraging discretionary commuter travel by vehicle.

TPA has carried out a review of its car parks that either have weekend rates or have comparable competitors operating in the area that have weekend rates and is recommending that TPA Board of Directors approve a number of rate adjustments that will ensure that the pricing structure at these locations is consistent with TPA's rate setting policy and better position TPA's car parks to attract parking demands on the weekends. The proposed rate changes will impact 30 car parks and are summarized in Attachment 1, Proposed Weekend Day Maximum Rate Changes and Justifications and Attachment 2, Proposed Weekend Evening Maximum Rate Changes and Justifications.