HomeMy WebLinkAboutCSD-08-015 - Parking License Agreement - Regional Municipality of Waterloo1
R ''
Community Services
Report To: Community Services Committee
Date of Meeting: March 31, 2008
Submitted By: Keith Baulk, Director, Enterprise Division, 2393
Prepared By: Tony Konstantinidis, Supervisor, Parking Operations, 3218
Wards) Involved: All
Date of Report: January 30, 2008
Report No.: CSD-08-015
Subject: PARKING LICENSE AGREEMENT -REGIONAL
MUNICIPALITY OF WATERLOO
RECOMMENDATION:
"That the Mayor and Clerk be authorized to execute a licence agreement, satisfactory to
the City Solicitor, with the Regional Municipality of Waterloo, allowing the City to operate
paid parking at 150 Frederick Street with the intent of serving Centre in the Square
patrons.
BACKGROUND:
For the purpose of providing public parking for Centre in the Square patrons, the City entered
into a three (3) year license agreement with the Regional Municipality of Waterloo from
November 1, 1993 to October 31, 1996. We have recently been contacted by the Region and
requested to consider renewing the agreement with a five (5) year term, commencing January
1, 2008 and terminating December 31, 2012.
REPORT:
For the past 15 years, the City has leased the Regional Headquarters underground parking
garage at 150 Frederick Street for the purpose of operating a gate parking operation, providing
event parking for Centre in the Square patrons throughout the year. On average, there are 140
shows per year which require gate parking. Having access to the Region's 214 underground
parking spaces (utilized 127 times in 2007) during Theatre evenings has been essential in order
to provide an adequate level of patron parking.
2
FINANCIAL IMPLICATIONS:
Lease Agreement with Regional
Municipality of Waterloo (Based on 2007
Actuals
Total number of spaces available for City
Use 214
Revenue to City 24,236 Based on the garage being used 127 times in 2007
Less: Expenses (wages} 11,068
Net Revenues 13,168
Less: Rent payable to the Regional
Municipality of Waterloo Jan 1/07 to Dec
31 /07 (50% of net profit} 6,584 Payable Dec 31St
Net profit 6,584
N= -Above noted figures are based on 50 percent of the net revenues January 1, 2007 to
December 31, 2007. The following rent conditions would apply for the proposed term January
1, 2008 to December 31, 2012:
The net revenues received from the use of the parking garage would be shared equally
by the Region and the City
The Region shall not be responsible in the event that the City incurs a net loss in
operating the facility
In the event that the Region's share in the net revenue is insufficient to pay for the
energy consumed during use, it will be the City's responsibility to pay the balance owing
(NEW).
With regards to the `NEW" item in the proposed agreement, the approximate energy costs to
operate the garage for four (4) hours per show,127times per year is $3,500.
The above noted revenue has been incorporated into the 2008 budget. This section has been
reviewed by the Financial Services Division and they are in support of the projected profits.
CONCLUSION:
Based on the current demand for event parking during Centre in the Square theatre evenings, it
is recommended that the City enter into a five (5) year lease agreement (Jan 1/08 to Dec 31/12)
with the Regional Municipality of Waterloo for the purpose of providing parking to Centre in the
Square patrons.
Keith Baulk
Director, Enterprise Division
