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Citi Bike prices to rise?

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A CitiBike rack at East 7th St. and Ave. A in Manhattan. (MyFoxNY) A CitiBike rack at East 7th St. and Ave. A in Manhattan. (MyFoxNY)
NEW YORK (MYFOXNY) - With just a little over a year into service, the problem- plagued bike sharing program known as Citi Bike could be on the verge of raising the annual membership fee.

City officials are in discussions to raise the price from $95 to $140- $155 and save it from bankruptcy, reported the NY Daily News.  

The program which has had financial problems from the beginning, would not be raising the 24-hour pass price of $9.95 per hour.

CITI BIKE: IMMENSLEY POPULAR BUT NOT PROFITABLE

The investment firm REQX Ventures is reportedly in negotiations with the city to purchase a majority stake in the company that oversees Citi Bike through a subsidiary, according to the News.

Starting Monday, Citi Bike will be testing a valet service at a dock on Ave. A and East 7th St. At least two employees will man the bikes and help riders find a place to park from 7 p.m. - 11 p.m., reported AMNY.com.

A special debut of the valet service is taking place at Pearl St. and Hanover Square in Manhattan; along with Henry and Poplar Streets in Brooklyn Friday, 6 p.m. - 11 p.m.

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