The price to start repairs on the Millennium Library Parkade has gone up, meaning the city could pivot on how this project is handled, with the possibility of selling it down the road. In 2024, the results of a feasibility study were shared with city council, which showed high-priority repairs in the parkade would cost the city $14.462 million. Compared to building a new parkade, demolishing it, or selling it, repairing the parkade was viewed as the most cost-effective option, the report said. However, since then, the Public Service had been asked to provide a cost-benefit report before any tenders were issued for the project. It was determined the cost to fix the parkade has now jumped sharply from the previous estimate to $22.692 million. “Costs are different. There’s a lot of things that have changed related to costs and the accessibility of goods,” said Coun. Janice Lukes, the chair of the Public Works committee. Despite the price change, the Public Service is still recommending going forward with the repairs, but only for the original cost that was shared in 2024, and the work would be at a “reduced scope focusing on structural repairs only so that the structural integrity of the parkade and library above it are maintained.” The repairs would extend the parkade’s life cycle and give the city time to explore all future options, including the potential of selling it. “Once structural repairs are completed, and prior to undertaking any further repairs to the parkade, a report would be submitted to council to obtain approval to release an expression of interest to gather current market information on possible sale options,” the report reads. It adds that selling the parkade may be a more cost-effective option than making the repairs when looking over a two-decade horizon. Lukes said the city isn’t looking to sell the parkade at this time, but it is doing the proper due diligence. “It’s benefiting the city. We’re making money on the parkade right now. It appears that if we do these structural repairs, we will continue making money for the next 20 years. We will see, it’s an underground parkade, a lot can happen in 20 years. A lot can happen in the world above ground in 20 years. So we’re going to reassess it,” said Lukes. The report notes that as of 2025, the city makes $1.1 million off the parkade, which is up from the $756,000 a year it was making in 2023. The report notes it’s expected that upward trend will continue. The entire report would be discussed at the Public Works Committee meeting on June 29.
