Citi Bank Named Official Sponsor
of NYC Bike-share Program
On May 7th, Mayor Bloomberg announced that Citi Bank will be the official sponsor of New York City’s bike-share program, which will launch at the end of July in lower Manhattan and Brooklyn. Bloomberg called the program, “An all-new, 24-hour transportation network.”
Citi Bank will be sponsoring the program for a five-year span at a $41 million price tag. MasterCard also contributed to the sponsorship, with a $6.5 million contribution.
The bike-share program is meant to offer an alternative mode of transportation for New Yorkers who may not always desire or be able to travel via subway or bus.The program will offer riders the option of either an annual pass for $95, weekly pass for $25 or daily fee of $9.95.
Six hundred bike stations holding about 10,000 bikes will be placed around the city, and riders will be able to pick up and drop off bikes at any of the locations. The bikes will be blue and branded with their sponsor’s logo.
The vendor of the bikes is Alta Bike Share. No public funding is going into the program, but Alta Bicycle Share and the city of New York plan to turn a profit. The New York City bike-share program will b the largest in the country.
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-- Diana Stanczak