Item - 2023.PA1.6

The Board of Directors of Toronto Parking Authority:

1.  Authorized the President, Toronto Parking Authority to negotiate, enter into and execute an agreement for Title Sponsorship of Bike Share Toronto with the preferred proponent identified in Confidential Attachment 1 to the report (November 28, 2022) from the President, Toronto Parking Authority, to generally include the terms and conditions described therein and any other terms and conditions satisfactory to the President, Toronto Parking Authority, in a form satisfactory to the City Solicitor.

2.  Directed that the confidential information contained in Confidential Attachment (1) to the report (November 28, 2022) from the President, Toronto Parking Authority, remain confidential in its entirety, as it contains financial terms that are subject to final negotiation.

The Board of Directors of Toronto Parking Authority recessed its public meeting to meet in closed session to consider this item as it pertains to position to be applied to negotiations being carried out by Toronto Parking Authority.

Toronto Parking Authority is on a journey to becoming the world’s best provider of sustainable parking, Bike Share and last mile mobility experiences. To help accelerate Toronto Parking Authority's journey towards our vision, the Toronto Parking Authority is committed to partnering with private sector organizations(s) to develop mutually beneficial relationships that will improve Toronto Parking Authority's financial performance, customer experience, operational capabilities and overall brand reputation.

Securing strategic partners via sponsorship agreements will allow Toronto Parking Authority to access revenue and in-kind contributions that not only offer the potential to offset operating and capital costs, but perhaps more importantly, have the opportunity to access enhanced consumer insights, leading edge digital capabilities and class leading thought leadership in marketing and brand building.

An Expression of Interest for Bike Share Toronto Title Sponsor was released to the market on June 23, 2022, with responses to the Expression of Interest due no later than October 4, 2022. With the Expression of Interest period now closed, Toronto Parking Authority has completed an evaluation of the proposals received, identified a preferred proponent and is now seeking authorities from Toronto Parking Authority Board of Directors to negotiate, execute and enter into an agreement with the preferred proponent for the Bike Share Toronto sponsorship.