From a DOT news release...
The New York City Department of Transportation (DOT), bike share operator New York City Bike Share (NYCBS) today announced that the Citi Bike system will launch in March 2013 with an initial phase of 7,000 bikes implemented at 420 stations. The timeline, agreed to by all parties, does not affect the Citi Bike sponsorship structure, which uses $41 million in private funding from Citi to underwrite the system for five years and ensures that NYCBS will split profits with the City.
“New York City demands a world-class bike share system, and we need to ensure that Citi Bike launches as flawlessly as New Yorkers expect on Day One,” said DOT Commissioner Janette Sadik-Khan. “The enthusiasm for this program continues to grow and we look forward to bringing this affordable new transportation option to New Yorkers without cost to taxpayers.”