- Associated Press - Thursday, January 7, 2016

PORTLAND, Ore. (AP) - Portland and Nike have announced that the company will sponsor the city’s planned bike-rental program.

Beaverton-based Nike will pay $10 million over five years and put its name and logo on a fleet of 1,000 bicycles.

The program that’s being called Biketown is expected to start this summer, three years later than what city leaders originally envisioned.

The city says the cost to ride will be the lowest in the country at $2.50 for 30 minutes. Riders can also purchase a $10 to $15 monthly membership, valid for up to 90 minutes of bike time a day.

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