The City of Toronto will install 20 additional bike share stations in time for the 2015 Pan Am Games and continue to expand into high-density areas in 2016, according to the president of the Toronto Parking Authority.

The new stations will be initially situated at Pan Am Games sites, such as the West Don Lands, before being redistributed on an "as-needed" basis after the event is over, Lorne Persiko says. "[Bike share] will expand through the city where's there's density. It has to be where there's density or where there's transit lines."

Persiko announced the expansion at a press conference called to unveil TD Bank as lead sponsor of Bike Share Toronto. In future, the black bicycles will carry TD advertisements over the rear wheel and on the front basket.

The TPA took over the financially troubled Bixi program in March after the original operator, Montreal-based Public Bike Share Company, hit the skids. Last year, Cllr. Denzil Minnan-Wong said the city would be seeking a major sponsor to help finance the operation.

Persiko says the deal with TD, which is likely worth more than a million dollars, will cover the operating cost of the bike share program for two years. Bikes, stations, and other capital costs will continue to be funded through development funds raised by the city

"We're in a position to start to make money," he says.

Chris Bateman is a staff writer at blogTO. Follow him on Twitter at @chrisbateman.

Image: Chris Yao/blogTO Flickr pool.