The Department of Transportation announced that Citigroup will be the title sponsor for , now called “Citi Bike,” debuting in July.
The $41 million sponsorship will mean that the bikes will be painted bright blue, and emblazoned with the Citi logo. Yearly memberships will cost $95, with options for daily and weekly memberships, too. According to a statement, the sponsorship means that taxpayers won’t be footing the bill for the bikes.
The bike share system, with 10,000 bikes and 600 bike docking stations, will be operated by Alta Bicycle Share. The city will split any profits with Alta.
“Today’s sponsor announcement marks a major step toward fulfilling the immense latent demand in New York City for bicycling,” said Paul Steely White, Executive Director of Transportation Alternatives. “As soon as it hits the streets this summer, NYC Bike Share will empower us all with new freedom and convenience in our daily transportation routines.”
Members must be at least 16 years old to rent a bike, and are entitled to unlimited use of the system for individual bike trips of up to 45 minutes. Use of the bikes for longer periods will cost extra.
The installation of bike docking stations will begin in late July. The solar-powered, wireless docking stations will be located on sidewalks, curbside road space and plazas, and accommodate between 15 and 60 bikes each.
According to DOT, maps of the bike-share service areas and station locations are currently being finalized, and are due to be released shortly.