City seeks company to set up bike-sharing system

(AP) - New York City is taking steps to set up abike-sharing system similar to those in Paris, Barcelona and othercities.

The city Department of Transportation announced Tuesday that itis seeking a private company that would set up the system.

The private firm would bear all the costs of the bike-sharingsystem during the first five years while sharing revenues with thecity.

The system would be set up in spring 2012. Its geographicboundaries have not been determined yet.

The city's request for proposals calls for a system withbike-sharing stations every few blocks, allowing for easy pickupand drop-off.

The system would employ the latest theft-prevention technology.

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