Citi Bike’s week of bad news just got worse. After reports that the program was short tens of millions of dollars, and plagued with technical and maintenance problems, Citi Bike's general manager, Justin Ginsburgh, has resigned. He is pedaling off to advise a construction firm. It’s not clear what’s next for the struggling, but popular program. New York City Mayor Bill de Blasio has said the city will not bail out the program, but it may allow Citi Bike to raise membership fees.
Posts tagged with "funding shortfall":
Is the air coming out of the big orange balloon? Orange County’s Great Park, which is rising on the former El Toro Marine Base in Irvine, has since its inception in 2002 been the last great hope for OC residents hoping for a great rural retreat (landscape architects like Ken Smith and Mia Lehrer are among those working on it). But the housing market has now officially gotten in the way, delaying the needed $1.4 billion in construction funding by years. According to The Orange County Register, the 1,347-acre park will have only $17 million in unallocated funds by next summer, and building money is still years away. “I don’t know where the idea materialized out there that somehow we would have the great metropolitan park developed full scale within a matter of a few years,” said Great Park Chairman Larry Agran. “Nobody ever promised that, and certainly I believe we have been quite clear that you build out a park of this magnitude in typically a 15- or 20-year process.”