NYC seeks to set up bike-sharing system

New York City is taking steps to set up a bike-sharing system similar to those in Paris, Barcelona and other cities.

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

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

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

The city’s request for proposals calls for a system with bike-sharing stations every few blocks, allowing for easy pickup and drop-off.

The system would employ the latest theft-prevention technology.