parking: In November, Toronto executive committee is expected to consider the tax among a dozen new ways of bolstering the city bottom line, according to The Toronto Star. It not certain they will adopt any of the ideas.A parking levy of between 50 cents and $1.50 per day on every paid and unpaid parking spot could generate up to $575 million annually. By Tess Kalinowski Real Estate Reporter Thu., Oct. 13, 2016 Retailers will bear a disproportionate burden of a commercial parking levy effects if the city decides to implement such a revenue tool — and it will be small merchants that suffer most, says a coalition of real estate and business groups. But an Altus Group study for the Real Estate Industry Coalition says the tax would spell disaster for smaller shops, particularly those in suburban strip malls.A strip mall with 50 parking spots could face a $27,375 parking bill on top of the property taxes it already pays, says the report, to be released Thursday. That would require the store to generate $167,000 in additional sales, according to an estimate by the International Council of Shopping Centres, quoted in the Altus report. The average mall tenant would pay $10,000 a year on a 2,000-square-foot store if it was charged $1 a day per parking space.
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