Toronto – Toronto City Council approves new agreement with Toronto Parking Authority to ensure continued expansion of Bike Share and EV Charging programs
Toronto City Council approved a new agreement with Toronto Parking Authority (TPA) to expand the agency’s climate action programs – Bike Share Toronto and electric vehicle charging – while continuing to provide important revenue for the City of Toronto.
Under the new Net Income Sharing Agreement 2024-2026, developed jointly by TPA and the City, TPA will retain 25 per cent of its generated net income from its operations, a 10 per cent increase from the previous agreement.
The new agreement provides the TPA with the financial stability necessary to continue investing in its strategic capital programs while providing 75 per cent of its net income to the City. The agreement will provide TPA with the ability to address the backlog in state of good repair while the City will directly fund the continued capital expansion of TPA’s Bike Share Toronto and electric vehicle charging programs. These programs directly align with the City’s TransformTO Net Zero Strategy to address climate change.
Since 2002, TPA has contributed $1.4 billion to the City, funding vital municipal services and programs.
The 2024-2026 City of Toronto-Toronto Parking Authority Net Income Share Agreement report is available on the City’s website: https://secure.toronto.ca/council/agenda-item.do?item=2024.EX15.9.
City Council has adopted an ambitious strategy to reduce community-wide greenhouse gas emissions to net zero by 2040, one of the most ambitious targets in North America. More information about the TransformTO Net Zero Strategy is available on the City’s website.
“Our continued partnership with the Toronto Parking Authority will ensure the continued operation and expansion of essential programs like Bike Share Toronto and EV Charging while maintaining important infrastructure and continuing substantial contributions to the City’s budget. We look forward to the positive impact this will have on our TransformTO climate action goals and Toronto residents.” – Mayor Olivia Chow