A family-owned bike rental business on Toronto’s Centre Island is desperately trying to appeal the city’s decision not to renew its contract after 32 years in the business.

Priya Rao has fond memories spending summers on the island with her family and helping with the Toronto Island Bicycle Rental, but after over three decades serving tourists and Torontonians, the business has been forced to leave the island by Apr. 24 after the contract was awarded to another bidder.

“It’s a pleasure to be there and it’s very, very sad to think that I will not have that pleasure again,” said Rao, whose parents took over the business from another family when she was nine years old.

“I just loved it so much I continued to go there every summer even though I have my own career now but I just like to be there to meet all the tourists and the people from Toronto,” she added.

The city is negotiating an agreement with the new bidder, which it chose after two bids were received, said Matthew Cutler, the spokesperson for Toronto Parks, Forestry and Recreation, in an email.

Cutler wouldn’t provide the name of the new provider until the new five-year agreement is signed on May 1.

“As a result of this competitive bid process, the City anticipates a significant increase in revenue to support Toronto Island Park, and visitors to the Park will be able to access a brand new fleet of bicycles for rent, along with an overall refresh of the bike rental facility at Centre Island,” he said.

The decision comes down to money, says Rao.

“The bid that (the other bidder) made is, to us, not financially sound or reasonable based on the income of the business. So even if we were able to match it we would not because we’d be basically working for free or even paying to operate the business,” she said.

Renting bicycles is weather dependent and profit can fluctuate greatly, said Rao. For example, during the garbage strike in 2009, they didn’t make much money. Last year, however, was their best year yet and they made $435,000 before subtracting money for staffing, fees to the city, revitalizing and purchasing new stock.

This isn’t the first time Rao’s family, who now co-owns the business with Gordon Chhor, has been in this situation.

Some time ago, there was another company that outbid them, but they were able to successfully appeal the decision.

They hope they’ll be able to again this time. If not, Rao’s elderly parents’ retirement will be in jeopardy.

Both her parents are in their 70s and were counting on the business to support them through their retirement.

“It’s hard for them to imagine moving forward for themselves because now their retirement fund has been basically pulled out from underneath them,” said Rao. “There is no contingency plan at this point.”

The sale will run over the Easter weekend from April 14 to 16 and the family hopes to be able to liquidate as much of their inventory as possible. They have over 100 single bikes, over 40 two-seaters and four-seaters, 15 tandem bikes, and tools and parts for sale.

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The outpouring of support from the community has been overwhelming, said Rao, adding many people were upset with the city’s decision.

“There’s been really beautiful stories of people sharing memories, sharing times of having a two-seater take them to their wedding ceremony. Just beautiful moments over the years,” she said.

“I think we are just greatly disappointed that our service to the city was so easily dismissed,” said Rao, adding it has put two families – hers and co-owner Chhor’s – out of business.