A tentative deal could provide Citi Bike with tens of millions of dollars.
The Wall Street Journal reports a deal is close that would almost double the number of bikes from 6,200 to 12,000. The bike sharing program would be expanded into Upper Manhattan, Queens and further into Brooklyn.
The deal would also give Citi Bike flexibility to raise prices, possibly increasing the $90 annual membership fee to $140 or more.
As part of the tentative agreement, REXQ Ventures would receive a controlling interest in Alta, which operates the bike sharing program.
"We're committed to making New York City's bike share program more reliable and more accessible to neighborhoods across the city," a spokesman for Mayor Bill de Blasio said in a written statement.
Source: Wall Street Journal
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