I'm sorry, great idea, but this is TERRIBLE. 
1.) Why are we not going with a dockless system? Many bike sharing companies now operate on a dockless system, letting users leave bikes anywhere instead of forcing them to park in a specific place.
2.) Why are we paying for this? There are many bike sharing companies now that do not require any investment from the city involved. This is like paying a taxi company to come start making money in the city.