NEW YORK—Citibank became the long sought-after private sponsor for the city’s upcoming bike share system on Monday. Definite prices were also revealed after many months of speculation and approximate figures.
“The idea behind bike share is simple: give people one more way to get around town,” said Mayor Michael Bloomberg at City Hall, according to a 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.”
Two options will be available for renting bikes. The first is short-term access, for either 24 hours ($9.95 base price) or 7 days ($25 base charge). For up to a half-hour, renting a bike is no additional charge. After a half-hour, a $4 dollar charge will be levied; after an hour, a $13 charge will be levied; and every subsequent half-hour, $12 will be added onto the total charged.
The second option is long-term: $95 for an annual membership. With the annual membership, one receives 45 minutes of free bike rental each time. After 45 minutes, the $4 charge will be levied; then, like the short-term options, $13 will be levied after an hour, and a $12 additional charge added for each subsequent half-hour.
