TD Bank enters sponsorship deal with city to fund Bike Share Toronto

WATCH ABOVE: A major corporate player has stepped up to sponsor Toronto’s bike share program. It’s a two-year deal that the city says will stabilize the program and allow expansion in the coming years. Dave Trafford reports.

TORONTO – The Toronto Parking Authority (TPA) has entered a sponsorship agreement with TD Bank to help fund the city’s public bike sharing program.

“Great cities have an integrated transportation system that includes cycling,” Toronto Mayor John Tory told reporters during the announcement Tuesday morning. “We cannot build the city up alone. We need everyone to do his or her part.”

Financial details of the deal were not released but TPA officials say the sponsorship will help cover the full cost of operating Bike Share Toronto.

WATCH ABOVE: Tory welcomes TD-sponsored bike sharing program

TPA took over the city’s public bike sharing program from Bixi earlier this year after falling into financial trouble.

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City officials say 20 new bike stations will be added next year just in time for the Pan Am Games.

“This new agreement is an excellent example of Toronto’s public and private sector coming together for the benefit of Torontonians,” said TPA President Lorne Persiko.

However, downtown city councillor Kristyn Wong-Tam is concerned over the exact dollar figures of the deal and the advertising role TD has in rebranding the bike sharing program.

WATCH ABOVE: Tory says “no down side” to corporate sponsorship of city bike-sharing program.

“I’m very interested in knowing the quantum of what it costs to buy the advertising versus what it is they are offering us in terms of operation expense,” Wong-Tam told reporters.

“We should not be confusing the two. I want to make sure we’re not giving them credit for something they are doing, just buying the advertising space.”

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Tory said he intends to make public the financial details of the agreement without breaking the confidentiality of the deal.

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