NYC Bike Share Gets a Sponsor, a Name, and a Price

To be comprised of ten thousand bikes located at six hundred stations around Brooklyn, Manhattan, and Queens, by next year, Citibike's public debut on Monday also offered a glimpse of the design of the bikes (in Citibank's trademark bright blue) and the solar-powered, wireless docking stations.

"Citibank has committed $41 million over the next five years to jumpstart the program, with MasterCard chipping in another $6.5 million, meaning no public money will be required to launch the system. 'We're getting an entirely new transportation network without spending any taxpayer money,' Bloomberg said. 'Who thought that could be done?'"

The prices for bike rental were also revealed. An annual pass for the system will cost $95.00, with weekly passes at $25.00 and daily passes $9.95. According to the Citibike website, borrowing a bike for less than 30 minutes will be free.