A report headed to the next meeting of the Toronto Parking Authority addresses the 2024 Capital and Operating Budget submission.
What I found of interest is proposed rate changes for on-street parking.
While the news is good, in that there are some long overdue increases proposed, overall, I view this as a disappointment.
Toronto's on-street rates will remain below where they ought to be, below where they need to be, and well below Vancouver's in particular, at the high end, and below many other peers at the low end,
From the report:
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I would like to see a floor rate of $2.50; and a max rate in the range of $8
This would generate millions in additional revenue and free up enough spaces to allow for repurpose more to cycle tracks, CafeTO, and wider sidewalks/streetscape zones.
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There is one other small positive, moving away from free parking after 9pm:
**** UT, we need people to write to the Mayor and the Budget Chief and to identify that the rate structure remains too low, that the City is leaving money on the table, and that this is contrary the City's best interests and to combating climate change.
I would suggest we dangle a carrot for the Parking Authority, further increases above what is currently proposed would be 50% retained by TPA for use for Bikeshare Expansion.
The remaining 1/2 could go back to the City for use for public transit.
Assuming one could easily generate a further increase of $6,000,000; 3M for Bikeshare Expansion, each year for 3 years, would represent at least 90 additional docks. + 900 bikes
Alternatively, 45 docks, plus Bikeshare endowment that reaches 4.5M and spins of $180,000 per year to support the program, perpetually by 2027