Public monies would be wrong.
That is, unless this system were meant to serve all of Portlanders and not just those living close to downtown.

Pretty simple explanation, actually: The team that pushed this through overpromised in order to get the public dollars allocated.

That team was Sam Adams, Tom Miller, Alta and the BTA.

As a card-carrying tax-and-spend liberal, even I think bike share is an insanely stupid idea for Portland.

If you want a bike, buy a bike. They are super cheap on craigslist. If you're here temporarily, rent a bike. What problem is bike share addressing, again?

Citi Bike: $50 MM for about 5,500 bikes = ~ $9,000/bike.

Ottawa, Toronto, Chattanooga have many serious financial questions. Montreal's auditor even questions whether Bixi is a sustainable business operation. Atlantic Cities has used the word bankruptcy.

Prospective sponsors who look under the hood recognize that the technology is evolving very fast away from what is proposed for Portland. Companies don't want to be associated with passe technology.

http://inventropolis.com/the-world-bike/

Alta should spring for the title sponsorship. What's more embarrassing than admitting you couldn't get a system up and running in your own hometown?
@CommieColin: Did you think the same thing about Car2Go? BikeShare is an exponentially better option than rental given no need for a lock and ease of use. Yes, most residents should have their own bikes but what if they took the train to work (downtown) and want to go to a meeting, etc., close by?