The Toronto Parking Authority is introducing some changes to the city’s bike sharing program this Canada Day, including an overhaul of its pricing.

The changes to the Bike Share fees were approved during a board meeting on Monday. Among the new fees being introduced is a one-way single trip fee of $3.25 plus HST.

The parking authority said the one-way trip will provide options for the purpose of partnerships, activations and sponsorship agreements. The fee will also make it easier for Bike Share Toronto to have fare integration with Metrolinx in the future.

Cyclists who have annual Bike Share membership, which includes unlimited 30-minute rides, will have to pay $99 starting on July 1, up from $90.

A new annual corporate plan will also be introduced for groups of five in companies or agencies. It will cost $450, or $90 for each person in the group.

Riders will pay a new flat rate when they exceed the 30-minute travel limit during one trip. The usage overage fee will now cost $4 for every additional half-hour to a maximum of $100 in 24 hours.

The parking authority said the new flat rate is being introduced to make the fee more transparent and easier to understand for riders.

In the current overage rate, riders are paying $1.50 for the first additional 30 minutes, then $4 for the next half-hour and $7 for each additional 30 minutes thereafter.

In a report from the parking authority’s acting president, the Bike Share program saw a 54-per-cent increase in revenues in 2017 since hiring a new operator. It also saw an 81-per-cent increase in the number of rides.

According to the report, the changes will lead to about $300,000 in additional revenue in 2018.

Among the fees that will remain unchanged are the 1-day casual pass set at $7 and the 3-day short-term casual pass set at $15.

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