In case you're curious how the City of Portland arrived at the $4.7 million figure to get the city's slightly tardy bike share system off the ground, the city's contract with Alta Bicycle Share provides some helpful information.
Here, for instance, is what the system's components are projected by Alta to cost.
So at least $3.6 million, with the balance of that $4.7 figure going toward setting the system up, hiring and training workers, etc.
Bike share bikes are built like tanks. They sacrifice swiftness and nimble handling to withstand the rigors of public use, so a little over $1,100 per bike is perhaps not surprising. They'll all be equipped with at least three speeds, racks, lights, and locks. The city will consider upgrades like GPS and seven speeds if the money's there, Project Manager Steve Hoyt-McBeth tells the Mercury.
Remember, none of this is coming from city coffers. Portland's using $2 million in federal money to get off the ground and casting about for something like $6 million in corporate sponsorship cash to purchase and construct the system, and run it for five years.