Regarding the Nov. 22 news article “Wake helps Raleigh fund bike-rental program”: I am not the brightest bulb in the hall, so help me with the math. The city of Raleigh wants to establish a Bike Share program consisting of 300 bicycles.
The article reported that after using up a $1.6 million federal grant, the city of Raleigh is still about $425,000 short of what it needs to get things going. The article said Wake County is kicking in $200,000 toward the shortfall. Corporate participation – grants and advertising – may help finish out the rest of the funds needed.
I understand that there are some setup costs and ongoing overhead – the bicycles of course, and whatever project management that the city can’t handle with its current staff.
Given that, the $2 million, give or take, spent on 300 bicycles equals about $6,500 per bicycle. What am I missing?