WATERLOO, WI (BRAIN)—Trek Bicycle has donated a full B-cycle bike sharing system to the city of Madison, Wisconsin, including an initial investment of $2 million to ensure the system will operate in 2011.
Recognizing the city’s current financial difficulties, Trek has agreed to waive the previously agreed upon annual contribution of $100,000 by the city in exchange for just $1 per year.
“Madison is our home and Trek is committed to making it a world class bike city,” said Trek president John Burke. “We are very excited to be able to give this gift to the city.”
The initial Trek capital investment of $1.4 million will include all of the 35 stations and 350 bikes that will be placed throughout the city while the company will contribute $700,000 per year to cover the operational costs throughout the 5 year contract.
The investment also adds two years to the original agreement, ensuring that Madison residents and visitors are guaranteed to enjoy the benefits of B-cycle for a longer period of time. “This is going to be a great program for the people of Madison, our visitors and B-cycle,” said Madison’s Mayor Paul Soglin.
B-cycle is a next-generation bicycle sharing system that replaces the need for a car for short trips in, and around, urban areas. Since debuting in Denver in 2010, B-cycle has been utilized over 100,000 times, 43 percent of which replaced a car trip in the city’s downtown area. In addition to Denver, B-cycle is currently operational in Chicago, Des Moines, Iowa, San Antonio, Texas, and Kailua, Hawaii and will soon appear in Broward County, Florida, Boulder, Colorado, Omaha, Nebraska, Spartanburg, South Carolina and Madison, Wisconsin.