A battle is brewing between the City of Toronto and one of its own agencies over how to share 10s of millions of dollars in profit generated by publicly-owned parking lots.The Toronto Parking Authority says it needs a new profit sharing agreement with the city, or it will need to defer millions in capital work to the Bike Share and electric vehicle charging station programs.
The Toronto Parking Authority declined an interview request by CBC Toronto. But at a recent board meeting, executives made the case for a new agreement. "The 85 per cent tax is punitive given the expanded mandate that we have," Dea said of the arrangement. "The TPA simply cannot continue to deliver on the things that city council has directed them to, including electric vehicle infrastructure, and a bike share network that's expanding across the city, without retaining more of that revenue," he said.
Fletcher said the city's expectation is that the TPA will manage its portfolio and pay the dividend, because that is the agency's mandate. The protracted talks have caught the eye of several advocacy groups around City Hall. Cycle Toronto's Alison Stewart said the Bike Share program cannot be "held hostage" as part of the strained negotiations. She urged the two parties to come to an agreement that protects the program.