Today, City Council cast its final vote approving a contract with Alta Bicycle Share to launch Portland’s bike share system in 2013. In the deal approved by Council 4-0, Alta Bicycle Share will receive up to $2 million in funds from a federal grant and raise additional funds from private sponsorships.

Alta estimates the total cost to launch the system is about $4.6 million, including about $3.4 million for 75 stations with 750 bicycles and about $1.2 million to manage the launch. Of the $4.6 million launch cost, it is estimated that $1.8 million will come from the federal grant and $2.6 million from private sponsorships. No City money will go into the project. Additionally, if more money than the goal is raised from sponsorships, the additional funds will go towards expanding the system with additional stations and bikes.

Bike share systems let people check out a bicycle to ride from one point in the city to another for a small fee. In cities across the globe, bike share systems have proven popular and successful by giving residents and visitors a fast, inexpensive and easy transportation option. People use bike share to get to work, run errands, connect to transit, visit friends and family or enjoy the city. Check out the video below to see a demonstration of Alta’s Capital Bike Share program in Washington, DC:

“I’m very excited to say that America’s most bike-friendly city is now one step closer to offering a bike share system that’s convenient, affordable and sustainable. 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,” Mayor Sam Adams said. “Bike share is a game-changer for bicycling in Portland.”

The Portland Bureau of Transportation is still seeking input to determine the final locations of the stations. If you’d like to suggest a location, visit the website here.

For more information, check out the links below:

PBOT Bike Share Information

Alta Bike Share