The Portland City Council approved a contract with Alta Bicycle Share to establish a bike share program with 750 bikes in the city.
“Alta has developed an ambitious plan and will bear the burden of fundraising to cover costs. I’m proud to have a homegrown company doing this work and confident the private sector will be successful in making this system a reality,” Portland Mayor Sam Adams said in a press release. “Bike share is a game-changer for bicycling in Portland.”
The city intends to leverage a $2 million federal transportation grant to raise private funds to pursue the idea. Alta has said it would raise $5 million from sponsorship fees and revenue from members as well as day users.
Read more at Sustainable Business Oregon.