Friday, September 13, 2013
BIXI gets $1 million injection from Toronto condo developers
Should more developers be convinced to do the same, our bike sharing program might yet be saved. At present, BIXI is roughly $4 million in debt, a burden that would ultimately fall on Toronto taxpayers should the program remain financially unviable. Of course, for this plan to work, developers outside of Ward 27 would also have to get on board, which means that other councillors would have to leverage parking requirements in a similar manner.
To some degree, it's a win-win situation. The developers ultimately save money (the $1 million investment is far less than the cost of building the extra parking spots), BIXI gets much-needed cash, and, theoretically at least, congestion is curbed. BIXI representatives have argued that the network must expand for the program to be successful. Here's a concrete way to do that without leaning on the city for funds.
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