Comment 97739

By Keith (anonymous) | Posted February 20, 2014 at 10:14:43

To clarify, the City of Toronto originally only provided a $3.9 million loan guarantee to Bixi Toronto, not a direct loan. It was only after PBSC's Toronto operating arm defaulted that the City actually made any capital investment. In the end, it cost more for Toronto to purchase the (slightly used) equipment than if they had just purchased it from the get-go like is happening in Hamilton.

See: Kuitenbrouwer, Peter. "Bixi Toronto Not Affected by Parent-company’s Bankruptcy Filing as City Gets Ready to Buy Bike Network." National Post [Toronto] 20 Jan. 2014: n. pag. Print.

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