Citi Group will shell out $41 million to sponsor New York City’s new bike share program, according to an announcement by New York City Mayor Michael R. Bloomberg, Department of Transportation Commissioner Janette Sadik-Khan, Citi CEO Vikram Pandit and Alta Bicycle Share President Alison Cohen.


The agreement will allow the nation’s largest public bike share system to be provided at a low cost to users and at no cost to taxpayers.

 

The program will provide a new, affordable, 24/7 transportation option for New Yorkers and will launch in July 2012 in parts of Manhattan and Brooklyn. As part of the sponsorship agreement, Citi Bike branding will be displayed on the system’s 10,000 bikes and 600 bike docking stations.

 

The system will be operated by Alta Bicycle Share and the City will split any profits with Alta. Mayor Bloomberg also was joined at the announcement in City Hall Plaza by Deputy Mayor for Economic Development Robert K. Steel and Ajay Banga, President and CEO of MasterCard, which has agreed to be the system’s payment sponsor.


“The idea behind bike share is simple: give people one more way to get around town faster,” said Mayor Bloomberg. “We are bringing the system to New York at no cost to taxpayers because of the commitment of a great New York institution: Citi Group. The new Citi Bikes will be an affordable, entirely new, 24/7 transportation network that will help extend connectivity from subway stops, make places like our growing number of waterfronts easier to get to and simply making getting around town a little easier.”


“From its yellow taxis to its landmark bridges to the Staten Island Ferry, New York is a city of transportation icons, and these signature blue Citi Bikes will be New Yorkers’ newest transportation choice,” said Commissioner Sadik-Khan. “This exciting sponsorship will help extend the reach of our transportation network at no cost to taxpayers.”


“New York has been Citi’s home for 200 years, and throughout our history, we have been proud to work with the City on innovative ideas that contribute to its progress,” said Citi CEO Pandit. “Citi Bike, which will add a new, sustainable option to help people navigate the city, is the latest embodiment of that. We recognized an opportunity to play a meaningful role in an initiative that will enhance the lives of New Yorkers and become a unique part of New York City’s urban landscape, and we are proud to help bring it to life.”


“We have received an incredible amount of public and private support from the Department of Transportation, Citi and the community for the new bike share system in New York City,” said Alison Cohen, President of Alta Bicycle Share. “We look forward to bringing New Yorkers this highly anticipated new transportation system with the launch of Citi Bike this summer.”


“One of Mayor Bloomberg’s signature economic development priorities has been to expand the transportation options available to New Yorkers and the 50.5 million tourists we now welcome each year,” said Deputy Mayor Steel. “With the addition of Citi Bikes to the our growing network of bike lanes, expanded ferry service, new express bus service and the soon-to-be-completed extension of the number 7 train, the City’s transportation network will have dramatically expanded during the Bloomberg Administration.”


In September, the City selected Alta Bicycle Share to operate the system, while simultaneously launching the search for a program sponsor. After discussions with a variety of large companies, Alta and the City were able to create a partnership with Citi for the primary sponsorship of the program. Alta Bicycle Share has created a New York-based subsidiary called NYC Bike Share. The City will split system profi ts with the operator.