The city of Madison came to a new agreement with Trek Bicycle Tuesday to bring a new bike sharing program to Madison.
Trek's B-cycle is a bike sharing program that would allow people to rent bikes at kiosks across the city. Users are able to use a credit card to rent the bike and then drop it off at another location.
Trek tentatively plans to provide 350 bikes and 35 kiosks around downtown Madison.
The modified contract states the cost to the city will be $1 per year rather, than the originally proposed amount of $100,000 per year, Trek spokesperson Eric Bjorling said.
The city agreed to extend the contract with Trek from the proposed three years to five years. The city also said it will not take in any of the profits generated during this contract period.
Trek said it will contribute the capital costs of the new bike sharing system, Bjorling said.
""We are very excited to bring bike sharing to Madison,"" Trek President John Burke said in a statement.
According to Madison Mayor Paul Soglin, much needs to be done in the next weeks in order to get the system installed, as Common Council must approve the agreement.
""I am confident that as we team up to make this program work, getting the second contract approved can be done expeditiously,"" Soglin said in a statement.
—Maggie DeGroot
