CINCINNATI — The nonprofit bike share program Red Bike has enough funds to operate until April 2025, but there are still questions if it can pedal past the spring.
Red Bike is looking for long-term funding commitments to continue operations past April. The program says it is looking for three-year commitments from public partners.
Councilmember Mark Jeffreys said he's been working with a coalition of partners over the last eight months.
Jeffreys said he's "confident" that a deal will be reached for funding before April: "We've had conversations with Northern Kentucky and Metro. I think in the early part of the year we'll have all the commitments."
RedBike's new financial structure proposal includes money from Metro, Northern Kentucky, the City of Cincinnati, and possibly corporate sponsors or tourist partnerships.
The bikeshare requires subsidies for all users. Consultants analyzed that farebox only covers 37% of overall costs per ride, and the Go program requires further subsidy for lower cost.
The new plan "spreads the investment across multiple stakeholders," Jeffreys said. "It's a very sensible plan."
Cincinnati's RedBike is looking to secure a 3 year commitment in funding by April.
— Andrew Rowan (@andrewrowan128) December 4, 2024
Councilmember Mark Jeffreys said the new plan "spreads the investment across multiple stakeholders." (Metro, NKY)
Plus we spoke with CEO Doug McClintock: https://t.co/cPXT0HhRuH pic.twitter.com/BMDtIVTTdB
The bikeshare program's board voted to shut Red Bike down permanently in March because of funding issues that arose after it lost a major sponsor.
Executive Director Douglas McClintock previously told WCPO 9 that it would have taken well over $250,000 to "really make sure that we were not having to close things down."
Multiple organizations across Greater Cincinnati pledged funding to keep Red Bike operating, totaling around $450,000.
Red Bike's ridership overall is down this year vs. last, but its Go Pass program has been steadily increasing in popularity, according to Red Bike. It's a $5 monthly membership for low-income customers compared to full-fare $30 monthly memberships.
Total Rides
- 2022 –70,218
- 2023 –99,218
- 2024 –94,593
Go Ridership
- 2022 –18,411
- 2023 –34,905
- 2024 –51,139 (46.5% increase year over year, 54% of total rides this year)
Red Bike also said it wanted to pilot integration with Metro to have it part of a wider transportation system across Cincinnati and into Northern Kentucky. It does not plan to expand its services and rather it wants to acquire funding to exists in its current footprint for the long term.
McClintock said a three-year financial commitment allows for a longer-term sustainability plan.
"That longer term commitment solidifies our ability to do the rest of the work," he said.
