Citi CEO Vikram Pandit and NYC Mayor Michael Bloomberg announce new bike share program "Citi Bike"

Today, Citi CEO Vikram Pandit, New York Citi Mayor Michael Bloomberg and Department of Transportation Commissioner Janette Sadik-Khan announced that Citi will be the title sponsor for New York City's new bike share program, "Citi Bike." The $41 million sponsorship will create the nation's largest public bike share system at no cost to taxpayers.

Launching this July in parts of Manhattan and Brooklyn, the program will provide a new, affordable, 24/7 transportation option. New Yorkers currently make many short trips each day - 54 percent of all trips are under two miles. With 10,000 bikes and 600 bike docking stations, the signature blue Citi Bikes will improve access to the subway and allow New Yorkers access to bikes without worrying about bike parking or storage.

"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: Citigroup. 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."

With an annual cost of $95, bike share membership will cost less than a single monthly unlimited Metro Card. There will also be options for day and weekly memberships. Members must be at least 16 years old and are entitled to unlimited use of the system for individual bike trips of up to 45 minutes. Members using the Citi Bikes for longer periods will be charged a graduated fee.

Each bike will be equipped with a bell and both front and rear lights, as well as a safety message encouraging helmet use and cautioning riders to yield to pedestrians, avoid riding on sidewalks, ride with traffic and to obey all traffic lights and signs.

"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."