|City of Toronto Parking Levy gains media attention following the Coalition's press release|
October 13, 2016
Recently, BOMA Toronto and our coalition partners highlighted the key disadvantages of the City of Toronto's proposed new parking levy through a press release that is already gaining significant traction with major media outlets, appearing in the Toronto Sun, The Star and Metro.
This is part of an ongoing effort by the CRE Industry Coalition (REALpac, BOMA Toronto, NAIOP Greater Toronto, ICSC, BILD and the Toronto Financial District BIA) to aggressively advocate on behalf of the industry on this issue.
The key sentiment of this release is that a parking levy is a charge that will flow through to tenants under typical retail, industrial, and office net leases, thereby imposing significant costs to large and small businesses, including small retailers and family businesses. A Parking Levy Report issued by the CRE Industry Coalition, outlining the key potential disadvantages, accompanied the release.
City Council will make a decision on December 14, 2016, however it is unlikely that it will be implemented in 2017, as initially proposed.
Read more about this issue
We encourage you to read today's media articles and key industry documents and share it with the wider Commercial Real Estate sector:
Parking Levy Press Release - as distributed Thursday, October 13, 2016
Parking Levy Report - Real Estate Industry Coalition - as distributed Thursday, October 13, 2016