TORONTO, Ontario (BRAIN)—Toronto city council has voted to guarantee a $4.8 million startup loan for a bike rental company, if the firm can first generate 1,000 subscribers and private sponsorship support, according to CBC News.
"I'm predicting this is going to be very, very successful," said Toronto city councillor Glenn De Baeremaeker, who pushed hard for the bike-sharing service, to CBC News.
For a fee of $78 per year, $28 per month, or $5 per day, residents and visitors would be able to use a bicycle, CBC News said.
The Public Bike System Company runs a similar Bixi (bicycle taxi) program in Montreal. The Montreal operation has about 3,000 bikes parked at about 300 stations across the city.