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