politics TD Bank to Sponsor Bike Share Toronto

Funding will cover the program's operating costs for the next two years.

Toronto’s bike share program has found itself a corporate sponsor.

Today, the Toronto Parking Authority—which assumed control of the program last spring—announced that TD Bank has stepped up to the plate, entering into an arrangement with the City that will see it covering operating costs for the next two years.

“There is no downside to this,” said Mayor John Tory at a press conference this morning. “They are not asking us to put bank propaganda on the side of bikes.”

Officials can’t disclose the dollar amount involved but noted that the funding will put the program in a position to begin making money.

“Great cities have an integrated transportation system that includes cycling, and Toronto should be no different,” Tory said. “The bike share program they’ve come to love is here to stay.”

Bike Share Toronto currently operates 80 stations across the city—20 more will be added in 2015 to coincide with the Pan Am Games, and they can be relocated once the event has wrapped up.