CITY CLERK. Cash Payment-in-Lieu of Parking - 50 Bloor Street West (Toronto Centre-Rosedale, Ward 27)

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1 CITY CLERK Clause embodied in Report No. 7 of the, as adopted by the Council of the City of Toronto at its meeting held on October 2, 3 and 4, Cash Payment-in-Lieu of Parking - 50 Bloor Street West (Toronto Centre-Rosedale, Ward 27) (City Council on October 2, 3 and 4, 2001, adopted this Clause, without amendment.) The recommends the adoption of the following report (August 22, 2001) from the Director, Community Planning, South District: Purpose: This report reviews and seeks approval of an application for a cash payment to the Municipal Parking Fund in lieu of providing and maintaining 16 parking spaces associated with third and fourth floor additions to an existing property at 50 Bloor Street West. Financial Implications and Impact Statement: There are no financial implications resulting from the adoption of this report. Recommendations: It is recommended that City Council: (1) approve the application for a cash payment to the Municipal Parking Fund in lieu of providing and maintaining 16 parking spaces at 50 Bloor Street West; and (2) authorize the City Solicitor to enter into an agreement with Pensionfund Realty Limited, or the registered owner, in respect of the payment by Pensionfund Realty Limited, or the registered owner, for a total payment of $307, for the 16 parking spaces, to be submitted in two instalments based on the parking required for each phase of redevelopment as detailed in the body of this report, and that payment be submitted prior to the issuance of a building permit for each respective phase of redevelopment at 50 Bloor Street West. Background: Site and Surrounding Area The site is located on the north side of Bloor Street West, immediately west and south of Mayfair Mews, a public lane and south of an existing 2 storey commercial retail building (Cumberland

2 2 Terrace). The site is located between an existing 34 storey commercial office building at Yonge and Bloor Streets (CIBC at 2 Bloor Street West) and a 13 storey commercial building at Bay and Bloor Streets (60 Bloor Street West). The subject property contains a 2 and 3 storey commercial building (Holt Renfrew Centre). Proposal This payment-in-lieu application has been submitted in accordance with a condition of the Committee of Adjustment respecting its decision on a variance application by the applicant to permit the construction of third and fourth floor additions (as Phase 1 and 2) to an existing retail building at 50 Bloor Street West. Phase 1, a third floor addition, will be an extension of the existing third floor toward the east side of the building (towards Yonge Street) with approximate dimensions of 45.7 by 53.6 metres. Phase 2 will be a fourth floor addition over part of the existing third floor at the west end of the building (toward Bay Street) with approximate dimensions of 55.2 by 53.6 metres. The proposed number of parking spaces is zero, whereas the Zoning By-law requires 16 spaces for the proposed new development on the site. The Commissioner of Works and Emergency Services previously advised the Committee of Adjustment that, due to the constraints imposed by the existing building, provision of on-site parking associated with additional development did not appear feasible. Works and Emergency Services recommended that, should the Committee grant the variances, the owner be required, as a condition of approval, to lease the additional 16 parking spaces within 300 metres of the site or alternatively, seek Council s approval for cash payment-in-lieu of providing and maintaining the required parking spaces. In a letter dated August 21, 2001, the owner, Pensionfund Realty Limited, advises that the required 16 parking spaces cannot be leased in close proximity to the site. Pensionfund Realty also advises that it is prepared to pay the cash payment-in-lieu of the 16 parking spaces. (see Appendix B). The owner is now seeking Council s approval for cash payment-in-lieu of parking and further requests that the payment for the 16 parking spaces be made in two instalments as follows: 1. Payment for 5 parking spaces prior to issuance of the building permit for Phase1; and 2. Payment for 11 parking spaces prior to issuance of the building permit for Phase 2. Comments: Comments from Civic Officials The Commissioner of Works and Emergency Services recommends that a cash payment to the Municipal Parking Fund in lieu of providing and maintaining 16 parking spaces be approved. Works and Emergency Services also recommend that the payment-in-lieu of parking be accepted in two instalments based on the parking required for each phase of development and that payment be submitted prior to the issuance of a building permit for each respective phase of the development. Further, Works and Emergency Services recommend that the actual cash-in-lieu of

3 3 parking payment(s), as approved by City Council, be included as a requirement in the Undertaking for this project (see Appendix A). Using the revised formulas adopted by Council at its meeting of May 21 and 24, 1985, the Toronto Parking Authority calculates the payment to be $19, for each parking space. The total payment required for the 16 parking spaces is calculated to be $307, (see Appendix B). Conclusions: This payment-in-lieu application has been submitted in accordance with a condition of the Committee of Adjustment respecting its decision on variance applications by the applicant to permit the construction of third and fourth floor additions (Phases 1 and 2, respectively) to an existing commercial building at 50 Bloor Street West. The applicant requests that the payment for the 16 parking spaces be made in two instalments reflecting the phased redevelopment of the property. The applicant has applied for Site Plan Approval for the two phases of development. The site plan application is currently under review. The proposed cash payment-in-lieu of parking is satisfactory to the Commissioner of Works and Emergency Services. Contact: Russell Crooks, Planner Tel: (416) , Fax: (416) , rcrooks@city.toronto.on.ca Appendix A Comments from Civic Officials 1. Works and Emergency Services, Technical Services, dated August 15, The site plan application was previously dealt with in a March 22, 2000 Departmental memorandum to you. The project has now been revised to, among other things, denote the third floor addition as phase 1 and the fourth floor addition as phase 2. Parking The Committee of Adjustment recently approved a variance application for this project subject to a cash payment-in-lieu of providing 16 parking spaces required by the Zoning By-law, prior to the issuance of a building permit. The owner has now submitted an application to the City for the cash payment-in-lieu of parking. In this regard, the applicant requests that the payment for the 16 parking spaces be made in two instalments as follows: 1. Payment for 5 parking spaces prior to issuance of the building permit for Phase1; and 2. Payment for 11 parking spaces prior to issuance of the building permit for Phase 2.

4 4 Recommendations As a result of the foregoing: 1. It is recommended for Cash Payment-in-Lieu Application No that: (a) (b) The application to make a cash payment into the Municipal Parking Fund in lieu of providing and maintaining 16 parking spaces be approved; and The payment-in-lieu of parking fee be accepted in two installments based on the parking required for each phase of development and submitted prior to the issuance of a building permit for each respective phase. 2. It is recommended for Site Plan Application No that: (a) (b) Recommendation No. 1(a) contained in the March 22, 2000 Departmental memorandum be deleted; The actual cash-in-lieu of parking payment(s), as approved by City Council, be included as a requirement in the Undertaking for this project. 2. Comments from the Toronto Parking Authority, dated August 20, Background In response to the July 16, 2001 request from the Commissioner of Urban Development Services, the Authority is reporting on Application No to make a payment into the Municipal Off-Street Parking fund in lieu of providing 16 parking spaces for a development at 50 Bloor Street West. 2. Estimate of Land Value The Manager, Appraisals/Negotiations of the Facilities and Real Estate Division of the Corporate Services Department, in his correspondence of August 17, 2001, estimates the average square foot land value in this area to be $ Estimate of Construction Cost The Authority estimates the cost of constructing one below grade parking space to be $16, (as fixed by June 2001 CANDATA Construction Cost Index - Ontario Series). 4.1 Calculation of Payment Using the revised formulas adopted by Council at its meeting of May 21 and 24, 1985, the Authority calculates the payment to be $19, for each parking space.

5 5 4.2 The payment so calculated represents 50 percent of the theoretical cost of providing parking using the factors given in paragraphs 2 and 3 above. 4.3 The total payment required for the 16 parking spaces is calculated to be $307, Limitation The Authority considers the estimates of land value and construction cost are valid for a period of six calendar months from the date of this report. 6. Municipal Off-Street Parking Facilities in the Area The Authority operates 1466 municipal off-street parking spaces within 300 meters of the proposed development. 7. Additional Information 7.1 Monies paid into the Municipal Off-Street Parking Fund are not refundable and are paid by the developer in lieu of providing parking spaces within his development. The money is not held in trust or designated to be spent on any one project, but is used to fund municipal off-street carparks as directed by the Parking Authority. 7.2 Neither the agreement nor the enabling legislation imposes any obligation on the City or the Parking Authority to construct parking facilities to meet the applicant s specific parking requirements. Appendix A To TPA Report August 20, 2001 RE: Payment in Lieu of Providing Parking - 50 Bloor Street West Detailed Calculation Formula: [S3 + (L x 0.25 x 325)] x 0.5 x R = applicant s contribution 2 Where: S = The current estimated cost of constructing a parking space of 325 square feet in a hypothetical 2-level below ground parking garage: $16,584.38

6 6 L = R = The current estimated square foot land value in an area within 300 meters of the proposed development: $ The number of parking spaces for which the applicant is seeking to make a payment-in-lieu: 16 Spaces Therefore: [$16, ($ x 0.25 x 325)] x 0.5 x 1 = $19, $19, per parking space Payment In Lieu Calculations Land Value $ Number Of Spaces 16 Current Construction Costs (June 15, Candata-Ontario Series) S1 - Surface $ 3, S2 - Above Ground 10, S3 - Below Ground 16, Payment Calculation: Per Space Total Spaces 1. Surface Space $77, $1,233, Above Ground Space 19, , Under Ground Space 19, , Appendix B Correspondence from Owner 1. Letter from Pensionfund Realty Limited, dated August 21, On behalf of Pensionfund Realty Limited, I wish to confirm that the premises at 50 Bloor Street West are constrained and unable to provide the parking spaces required by the Committee of Adjustment. Pensionfund Realty Limited is unable to secure and therefore cannot provide a lease agreement at, or in reasonably close proximity to, the premises. Therefore, the only alternative

7 7 available to Pensionfund Realty Limited to satisfy the Committee of Adjustment's parking requirement is to purchase the required parking spaces. In this regard, we acknowledge that the purchase price per stall is $19, and that the owner is willing to pay the total amount of $307, representing payment for a total of 16 parking spaces. Phase I, being the third level expansion would require a payment of $96, for the five parking stalls required in Phase I. The differential attributable to the remaining eleven parking spaces would be required for Phase II being the fourth level addition. Thank you and we trust the foregoing is in order and permits this matter to go before City Council at its meeting on September 12, 2001 in order that the building permit for Phase I, being the third floor expansion, may be processed as soon as possible thereafter.

8 8 Street Map

9 9 Attachment 1: Zoning