Mayor, Trek Bicycle Announce Agreement on B-cycle Bicycle Sharing Program

Trek and Madison Mayor Paul Soglin are pleased to announce that they have reached a modified agreement that will allow the installation of B-cycle, a citywide bicycle sharing program, in the next month. The capital costs of the new system will be donated by Trek Bicycle. Trek, sensitive to the City's current financial difficulties, has agreed to modify the contract so that the cost to the City will be $1 per year rather than the original $100,000. In return, the City, recognizing the significant capital contribution by Trek, will agree to extend the contract from the originally proposed three years to five. In addition, the City will not share in any profits generated during this contract period. The parties, by mutual agreement, can renew the contract in 2016. "We are very excited to bring bike sharing to Madison," said Trek President John Burke. "Madison is our home town and we are thrilled to be able to give back to this great city." In order to meet critical time deadlines, the original three year contract for $100,000 will be executed with the understanding that the terms will be brought before the City Council for approval. To wait for adoption of the new terms would delay the installation of the program by two months. Mayor Soglin said, "I am confident that as we team up to make this program work, getting the second contract approved can be done expeditiously. This is going to be a great program for the people of Madison, our visitors and B-cycle." The parties agreed to work closely throughout the contract period to make sure that issues regarding signage and use of the public right-of-way are minimized. The Mayor indicated that much needs to be done in the coming weeks to get the system installed and reporting to critical city committees as to the details of the plan. Media contact: Eric Bjorling, Trek Bicycle Corporation 920-478-2191 x12526 / Eric_Bjorling@trekbikes.com