Weeks after announcing a hefty $10 million bike share sponsorship deal with Nike, the Portland Bureau of Transportation finally released documents that lay out the agreement this morning. Those include a revamped contract [pdf] with Motivate, the company that will procure and run the forthcoming Biketown system here, and an agreement with Nike [pdf] over its rights as a title sponsor.

Not too much has changed, but some things certainly have. So as we did when the city unveiled its tentative plans for bike share in September, we're offering you the salient takeaways from the new arrangement.

Better bikes! Well, bikes with more speeds at least. When Portland officials announced their plans last year, they envisioned a fleet of 650 600, three-speed bikes. Now, the city's got 1,000 eight-speed bikes on order. That added gearing cost $75,000 more than 1,000 three-speed bikes would have. The city's also opting for fancy "upgraded skirt guards" at a cost of $85,000. Total cost for the system, including bikes, kiosks, docking points and other doo-dads: $3,103,250 (shipping included).

Portland officials sat on the deal with Nike for over a month. The city's agreement with Nike makes clear an accord was reached over the $10 million sponsorship all the way back on December 1. The city didn't announce anything until January 6. People within PBOT say the particulars of the deal were kept hush-hush even among staff.

Nike gets to decide where you park. Sort of. Under the sponsorship agreement the company has the right to pick the location of up to three stations for the Biketown system, "subject to logistical and safety considerations."

Motivate's guaranteed at least $2.2 million a year to run the system. The new contract says the company will charge $184 per bike, per month, in operational costs, which adds up to $2,208,000 a year—so long as there's enough money from system revenues or sponsorship cash. That's at minimum. The company can also charge $350 for putting new "wraps" on the bikes, which is another one of Nike's options. Obviously, that $2.2 million outstrips the $2 million a year Nike's agreed to pay for the next five years—particularly since a chunk of that money will be needed to purchase the system, and Motivate gets to take $2 million off the top just for landing the sponsorship. I've asked PBOT for any estimates that exist for how much revenue the system will rake in via user fees.

Valet stations are in the works. These are temporary locations, staffed by Motivate, where people can check out bike share bikes. The contract says the city can direct Motivate to set up three of these for free over the course of the contract, provided they last no longer than four hours. After that, the city will have to pay for the service.