able to accommodate fifty (50) spaces at Goyeau Street and fifteen (15) spaces at Pelissier Street.

RockTech requested an official agreement with the City as the current agreement used by the City is for individual parkers and RockTech plans to enter the agreement as a business.

The following terms were discussed with RockTech and will form part of the agreement:

RockTech would be charged the same fee as other paid parkers and their fees would increase at the rates as directed by Council through budget decisions. The current monthly rate is $90 plus HST, per parker. Implementation of the 2020 rates will be done as soon as notifications have been sent and program updates have been completed.

RockTech would be charged for spaces that they are not using at a reduced rate of $30 plus HST per space in order to secure the spaces, up to a total of 65 spaces. Rocktech may request additional space, however the City will not guarantee spaces in addition to the 65 initially requested. RockTech may reduce the number of requested spaces on a yearly basis by giving prior notice.

The agreement would be for the term of RockTech’s lease agreement for the property on Chatham Street W, currently through February 28, 2026 with options for extensions.

RockTech is also requesting validation cards for guests. They would use the spaces similar to other businesses downtown where their guests may use the passes and RockTech would be invoiced for the time used based on the daily rates.

The remainder of the terms are consistent with the terms of other parkers.

Risk Analysis:

If RockTech does not hire the full number of staff in a short period of time, the City may stand to lose revenue by holding parking spaces. To mitigate this potential loss in revenue, RockTech will be charged a ‘holding’ fee for each space unused. In addition, the City typically oversells permits in the garage by 5% - 15% to account for daily fluctuations, which will also assist in mitigating any potential lost revenue from holding unused spaces for RockTech.

Parking numbers in the garages fluctuate significantly and while in recent years there has been an increase in parkers, a large number are individuals from the public. An agreement with RockTech would ensure long term revenue as opposed to monthly revenue from individuals who request parking spaces on a monthly basis.

Financial Matters:

RockTech will be paying the full fee for each space their staff occupy. Currently this rate is $90 plus HST. Implementation of the 2020 rates ($100 plus HST) will be done as soon as notifications have been sent and program updates have been completed. For spaces not occupied up to the total number within the agreement, RockTech will pay a reduced rate of $30 plus HST per month each.