A total of $1.2 million in funding was approved for the bike station back in 2010. A total of $650,000 has already been spent on the project but Mayor Rob Ford calls it a "complete waste" of taxpayers' money and vows to scrap it.
The project stalled the following year and the work wasn't completed.
Council is revisiting the issue today.
Coun. Josh Colle says half the money has already been spent and he wants to see the project finished.
“I think at a certain point, whether you like the idea or not, we've invested so much in it, it might be time to just move forward and complete the project,” he said.
The bike station would accommodate 380 bikes underground on the east side of the square. It would also include change rooms and showers.
Ford has said he's concerned about the revenue loss to the city by replacing parking spots.
If approved, the bike station would be one of the largest in North America.
Cyclist said Meagan Bowden doesn't see the benefits of underground bike parking.
“I would never intentionally park my bike underground rather than on the street because it's more convenient to park it on the street,” she said.
Cheryl Douglass is an avid cyclist and a strong supporter of the project. "I think having a [bike] parking lot inside in a protected area is brilliant," she said. "And I don't know why anybody would ever be against it."