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(Gaccto) at 130 Elizabeth Street, Toronto

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(Gaccto) at 130 Elizabeth Street, Toronto PA3.1 REPORT FOR ACTION Parking Management Renewal Agreement with Greyhound and Coach Canada Terminal Operations Limited (GaCCTO) at 130 Elizabeth Street, Toronto Date: August 31, 2017 To: Board of Directors, Toronto Parking Authority From: Acting President, Toronto Parking Authority Wards: Ward 27 (Toronto Centre - Rosedale) SUMMARY This report seeks the approval of the Toronto Parking Authority ("TPA") Board to enter into a parking management renewal agreement ("Renewal Agreement") with Greyhound and Coach Canada Terminal Operations Limited ("GaCCTO") in order to continue TPA management of the 28-space surface parking facility located at 130 Elizabeth Street, Toronto (the "Subject Property"). TPA has managed the parking operation of this lot, also known as Municipal Carpark 263, on behalf of GaCCTO since 2012. RECOMMENDATIONS The Acting President, Toronto Parking Authority recommends that: 1. The Board of Directors of the Toronto Parking Authority authorize staff to enter into a parking management renewal agreement with Greyhound and Coach Canada Terminal Operations Limited to manage the 28-space surface parking facility located at 130 Elizabeth Street, Toronto for municipal parking purposes under the terms and conditions as generally outlined under Table 2.0: Major Terms and Conditions of the Renewal Agreement (financial and term) and Appendix C: TPA and Owner Obligations, and any such other or amended terms and conditions as may be acceptable to the Acting President and in a form satisfactory to the City Solicitor. FINANCIAL IMPACT Table 1.0 below provides a summary of the financial performance of Municipal Carpark 263 over the past five (5) years: Parking Management Renewal Agreement - 130 Elizabeth Street, Toronto Page 1 of 9 TABLE 1.0 - CP 263 Financial Performance (July 19, 2012 to June 30, 2017) Jan. 1 to Jul. 19 to Jun. 30, Y/E 2016 Y/E 2015 Y/E 2014 Y/E 2013 Dec. 31, 2017 2012 Gross Revenue (excl. $196,407 $375,066 $323,623 $292,808 $301,652 $141,662 HST) Gross Revenue / space / $14,029 $13,395 $11,558 $10,457 $10,773 $10,119 annum Expenses Direct Operating ($10,626) ($17,215) ($18,235) ($15,118) ($14,827) ($6,737) Rent ($150,773) ($318,723) ($268,283) ($246,813) ($249,265) ($125,404) Total Expenses ($161,399) ($335,938) ($286,518) ($261,931) ($264,092) ($132,141) TPA Management Fee Base $18,000 $36,000 $36,000 $36,000 $36,000 $16,258 Performance Allowance $25,485 $19,242 $10,263 $11,582 $8,294 $0 Total Management Fee $43,485 $55,242 $46,263 $47,582 $44,294 $16,258 TPA Net Profit (loss) $32,859 $38,027 $28,028 $32,464 $29,467 $9,521 Net Profit Margin 16.73% 14.73% 8.66% 11.09% 9.77% 6.72% Over the last 12 months (July 1, 2016 to June 30, 2017), Gross Revenue from public parking at the Subject Property has totaled approximately $394,900 (net of HST) or approximately $14,103 per space. The TPA expects that Gross Revenue at the Subject Property will continue to increase over the near term due to the continued high level in parking demand as well as an anticipated $0.50 increase to the current posted rate of $3.50 per half hour to $4.00 per half hour. This forecast rate increase, however, is not expected to take effect until sometime during the latter part of 2017, following an upcoming TPA portfolio-wide rate review to be presented to the Board for their consideration and approval. The current rate structure at the lot does not provide for a day or night maximum. Under the terms of the proposed renewal agreement, it is anticipated that Net Profit in the first year of the renewal term will be approximately $43,000. Overall, the proposed revised management arrangement continues to be attractive, as TPA's exposure in terms of responsibility for the direct operating expenses associated with the operation of the lot namely; cleaning / maintenance of the Pay and Display machine, communication charges, revenue collection, insurance and enforcement remains fairly limited. Parking Management Renewal Agreement - 130 Elizabeth Street, Toronto Page 2 of 9 DECISION HISTORY At its meeting of July 24, 2012 (TPA Board Minute No. 12-124), the TPA Board of Directors approved the terms of a Parking Management Agreement with GaCCTO for 130 Elizabeth Street. The management agreement expired on July 18, 2017 and GaCCTO has requested that the TPA continue to manage the parking facility. The terms and conditions of the proposed Renewal Agreement are outlined in the body of this report which remain subject to TPA Board approval. COMMENTS The Toronto Coach Terminal ("TCT") site is owned by the Toronto Transit Commission (“TTC”) and has operated as the main bus station for inter-city services in Toronto. In June 2012, the TTC relocated their offices which were located within part of the TCT site, leasing out the property to Greyhound Canada Transportation Corporation ULC (“Greyhound”). Greyhound subsequently partnered with Coach Canada to form the group known as Greyhound and Coach Canada Terminal Operations. In the summer of 2012, GaCCTO approached the TPA to gauge TPA's interest in managing the parking operations at the Subject Property. A five (5) year parking management arrangement was negotiated and TPA operations at the site were initiated on July 19, 2012. GaCCTO has requested that the TPA continue to manage the parking facility until their lease arrangement with the TTC expires on July 8, 2021. Site Location and Particulars The Parking Facility which is comprised of 28 surface parking spaces, is a narrow lot offering vehicular access from both Elizabeth Street to the east and Chestnut Street to the west (refer to Appendix 'A' - Site Location Map and Appendix 'B' - Photographs of Parking Facility). Staff undertook a recent site visit of the Subject Property in order to assess the condition of the site, confirming that there are no outstanding deficiencies at the current time. Should GaCCTO fail to maintain the Subject Property to a standard satisfactory to the TPA, the TPA may exercise its right to undertake any necessary improvements and charge GaCCTO accordingly, or terminate the management arrangement. Parking Supply and Demand The immediate vicinity continues to be deficient in the supply of public parking. The Subject Property will continue to be supported by many of the surrounding parking demand generators including the bus terminal as well as proximity to a number of government and non-government offices, hospitals (i.e. Hospital for Sick Children) as well as retail uses along Dundas Street West and Bay Street including the Toronto Eaton Centre and Atrium on Bay. Parking demand continues to be predominantly in the form of short-term parkers. The Parking Facility which is serviced by a single Pay and Parking Management Renewal Agreement - 130 Elizabeth Street, Toronto Page 3 of 9 Display unit, operates 24 hours a day, 7 days a week as a “Pay and Display” and "Mobile Pay" operation. Summary of the Parking Management Renewal Agreement The terms and conditions of the Renewal Agreement between TPA and GaCCTO are to remain unchanged from the current arrangement which are summarized below in Table 2.0: Table 2.0 - Major Terms and Conditions of the Renewal Agreement Four (4) Years less eleven (11) days (retroactive to July Extended Term: 19, 2017 and ending July 8, 2021) Aggregate of: (i) $36,000 per annum, to be paid in monthly installments Management Fee: of $3,000 per month; and (ii) fifteen (15.0%) percent of the Gross Revenue (excluding HST) in excess of the Performance Breakpoint Performance Annual Gross Revenue (excluding HST) of $225,000 Breakpoint: Parking Rate: $4.00 each half hour with no Day / Night Maximums Either party has the right to terminate at any time, with Termination Provision: sixty (60) days written notice to the other party Each party's respective obligations as detailed under Appendix 'C' - TPA and Owner Obligations, also remain unchanged as per the original term of the arrangement. In summary, GaCCTO continues to remain responsible for any repairs and maintenance associated with the lot, property taxes and snow clearing costs while the TPA remains responsible for the direct operating expenses associated with the operation of the lot namely; cleaning / maintenance of the Pay and Display machine, communication charges, revenue collection, insurance and enforcement. Staff will contact the local area Councillor, Kristyn Wong-Tam to confirm that she is supportive of the renewal arrangement and TPA's continued management of the 28 space parking facility. City Legal will also be engaged to prepare and / or review the necessary renewal documents. CONTACT Gregory Blyskosz, Manager of Real Estate Development and Marketing (416) 393-7267, [email protected] Parking Management Renewal Agreement - 130 Elizabeth Street, Toronto Page 4 of 9 SIGNATURE __________________________________________ Andrew Koropeski Acting President, Toronto Parking Authority ATTACHMENTS Appendix 'A' Site Location Map Appendix ‘B’ Photographs of Parking Facility Appendix ‘C’ TPA and Owner Obligations Parking Management Renewal Agreement - 130 Elizabeth Street, Toronto Page 5 of 9 APPENDIX 'A' SITE LOCATION MAP Parking Management Renewal Agreement - 130 Elizabeth Street, Toronto Page 6 of 9 APPENDIX 'B' PHOTOGRAPHS OF PARKING FACILITY View East from Chestnut Street View West from Elizabeth Street Parking Management Renewal Agreement - 130 Elizabeth Street, Toronto Page 7 of 9 APPENDIX 'C' TPA AND OWNER OBLIGATIONS TPAs' Obligations During the Term, the TPA will without limitation: a) operate the Parking Facility during the Hours of Operation as a ‘Pay and Display’ and 'Mobile Pay' type of operation. Under the 'Pay and Display' option, patrons pay by credit card or cash, and receive a ticket which they then display in the vehicle. Under the 'Mobile Pay' option, patrons initiate a parking session using their mobile device; b) maintain the Pay and Display machine; c) operate and enforce payments at the Parking Facility diligently and in an economical and efficient manner and maximize Gross Revenue; d) keep accurate books of account and records of any and all monies received and disbursed in the operation and maintenance of the Parking Facility.
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