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Citigroup pays $41 million to sponsor nyc bike-share program - Scroll Tablet PC - Mini Wireless Blu by fdhjkl rfghjtkl

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Citigroup pays $41 million to sponsor nyc bike-share program - Scroll Tablet PC - Mini Wireless Blu by
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Citigroup pays $41 million to sponsor nyc bike-share program - Scroll Tablet PC - Mini Wireless Blu

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May 8, 2012 Citigroup Inc. (C) agreed to pay $41 million to sponsor New YorkCity s bicycle-rental program, which Mayor Michael Bloomberg saidwill be the largest such system in the U.S. when it begins in July. The Citi Bike program, presented by the mayor and Citigroup ChiefExecutive Officer Vikram Pandit at City Hall today, will offer10,000 bikes branded with the New York-based bank s logo at 600docking stations in Manhattan, Brooklyn and Long Island City,Queens. New York will share any profits from the bike rentals withPortland, Oregon-based Alta Bicycle Share, chosen as its operatorin September.

Photographer: Emmanuel Dunand/AFP/Getty Images .The bike-share program, first advocated by the city TransportationDepartment in 2009, would provide a low-cost transit alternative ina city where almost half the workforce lives within 5 miles (8kilometers) of its place of work, the department said in a planningdocument. MasterCard Inc. (MA) CEO Ajay Banga, also at City Hall, said hiscompany would pay $6.5 million to provide bike-share stations with PayPass Tap & Go payment points and traditionalmagnetic-stripe terminals as part of its Priceless New Yorkpromotion of events and attractions for residents and tourists. We recognized an opportunity to play a meaningful role in aninitiative that will enhance the lives of New Yorkers, Panditsaid. The program will add a new, sustainable option to helppeople navigate the city and mean fewer cars on the road,less-crowded buses and subways, and reduced air pollution, hesaid.

Paris, China Similar systems exist in Paris, with 20,600 bicycles; Barcelona,which has 6,000; and Hangzhou, China, which offers as many as60,600, according to Paul DeMaio, a manager of MetroBike LLC,operator of the Arlington, Virginia, portion of Washington s1,500-bike system. Other U.S. cities with installed or intended systems includeBoston, Philadelphia, San Francisco, Phoenix, Denver and Chicago,the department said. BIXI of Montreal operates a 5,120-bicycle system in that city, andothers in Toronto, Ottawa and London in the U.K., where it offers9,200 bikes at 687 stations.

New York will share any profits from the rentals with Portland,Oregon-based Alta Bicycle Share, chosen as its operator inSeptember. The company works with governments, colleges and privatecompanies in North America, Australia, Europe and the Middle East,according to its websites. The system will operate with no cost to the taxpayers, Bloombergsaid. Citigroup money will be used to buy the heavy- dutytwo-wheelers, equipped with bells and rear and front lights, andthe installation of the docking stations, he said. Membership Dues If a rider reports a missing bike, the operator will impose a$1,000 fee on the renter s credit card, refundable upon thebike s return or upon a police determination that the bike hasbeen stolen, said Seth Solomonow, a Transportation Departmentspokesman.

Bike-attached GPS navigation systems will signal itslocation to minimize loss and theft, Solomonow said. Proprietaryhardware would be required to detach the bike s wheels andhandlebars, he added. The system will have an annual membership cost of $95, with optionsfor day and weekly use. Members must be at least 16 and may use thesystem for trips of as long as 45 minutes.

Riders using Citi Bikesfor longer periods will be charged extra fees, the mayor s officesaid. Installation of solar-powered, wireless docking stations thataccommodate between 15 and 60 bikes will begin in late July, withcompletion of the 600 stations scheduled for 2013. Helmets will beencouraged, yet not required, consistent with state law, Bloombergsaid. The Transportation Department has distributed more than 50,000 freehelmets since 2006 and installed more than 390 lane- miles ofbicycle routes since 2002, for a total of more than 700 miles ofbike lanes, including parks and greenways, according to thedepartment s website. The mayor is founder and majority owner of Bloomberg News parentBloomberg LP.

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