Photo courtesy of New York City's Mayor's Office on Flickr
Mayor Mike Bloomberg announced today that Citi paid $41 million to be the main sponsor of New York City's new bike share program.
“The idea behind bike share is simple: give people one more way to get around town,” Bloomberg said in a press release. “We’re able to create this new option at no cost to taxpayers because of the commitment of an institution with a 200 years tradition in New York: Citigroup.”
Ten thousand blue bikes and 600 docking stations will carry the financial group's logo. Commuters can buy a $95 annual fee, which will cover unlimited use so long as the rides between docking stations do not exceed 45 minutes. Any ride over 45 minutes in length will be subject to additional fees. A week's access will cost $25 and a day pass will cost $9.95.
The program will launch in July of this year and be carried out by Alta Bicycle Share, which will share half of any profits with the city. For fans of press conferences, a video of the announcement is embedded below.
H/T: The Guardian