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Transportation officials said in the Flatiron District on Wednesday that the program is slated to peddle into action next summer and will be run by a company called Alta Bicycle Share.

The agency will provide New Yorkers the opportunity to buy daily, weekly or monthly passes, giving them access to borrow 10,000 bikes at 600 locations in the city.

"The wheels are officially in motion for New York's bike share program," said Transportation Commissioner Janette Sadik-Khan. "There's zero-cost to the city for this,"

While no framework for pricing has been released the city says an annual pass could cost about $100 a year, less than an unlimited monthly MetroCard.

"With that annual membership, you'll get an unlimited number of 30- to 45-minute rides for free," said Alta Bicycle Share CEO Alison Cohen.

The program is completely privately funded. Advertising revenue should help the company and the city will get half the profits.

Once launched, the bicycle sharing program will be the largest in the nation.

The company operates similar, but smaller programs in Washington D.C., Boston and Melbourne, Australia.

City council members announced their support of the program despite some initially opposing how the vendor was chosen. They are pleased the city will work with Community Boards to figure out where the kiosks will go.

"It's a great program. I support it," said Brooklyn Councilwoman Letitia James.

Despite the enthusiasm at having another transportation alternative and a green one at that, not everyone is on board.

AAA New York is worried about safety, with thousands of less serious riders peddling through traffic who might not know the rules of the road.

On the street, there are mixed responses to the program.

"It's definitely going to be a problem," said one New Yorker.

"I did it in D.C. last month. I don't think it's a concern," said another.

"There's so many taxis and so many commuters, you definitely could have a lot of accidents," said a third.

DOT officials says with cyclists on the roads now, the streets are safer then ever.

"We're going to continue our work to build safer streets for New York and continue our public education campaign in that regard, and importantly, the bike themselves will also have stickers that will highlight the rules of the road," said Sadik-Khan.

New Yorkers will not be able to rent helmets at the kiosks, but city officials say no bike-share program in the world does that.

For more information or to request a bike share kiosk in your neighborhood, visit nyc.gov/bikeshare.