Trek and Madison reached a deal Tuesday to bring a bike-sharing program to town for $1 a year, instead of the $100,000 annual contribution the city had earlier agreed on.
The program, B-cycle, was approved under former Mayor Dave Cieslewicz, but Mayor Paul Soglin voiced concerns about the cost when he took office last week because of the economy and state revenue cuts. The original deal called for Trek to spend about $1 million on the bikes and infrastructure, while the city would kick in $100,000 a year for three years for maintenance. Profits would be shared.
In a press release today, the city announced the program was back on, with Trek agreeing to cover all the maintenance costs, but with a five-year contract instead of three. Trek will be allowed to keep all profits.
"We are very excited to bring bike sharing to Madison," Trek president John Burke said in the release. "Madison is our home town and we are thrilled to be able to give back to this great city."
The bikes were originally expected to be installed in May, though a Trek spokesman said that could be delayed slightly. Trek will locate 350 bicycles at 35 locations around the city. Anyone can use the bikes -- with a day, week or annual pass -- picking them up at any of the kiosks and returning them to any other one.