The rumors were on target and the wait is over for New York City bike-share: With new management and new capital, the system is on track to cover a lot more ground. Here’s the map of the expanded Citi Bike service area that’s in the works, courtesy of Streetsblog’s Stephen Miller.

City officials including Transportation Commissioner Polly Trottenberg are at Queensbridge Houses this afternoon to announce that REQX Ventures is buying out Alta Bicycle Share, the operator of Citi Bike. As first reported by the Daily News, former MTA Chair Jay Walder will be running things now, so the bike-share system is gaining not only an infusion of funds but a serious management upgrade as well.

Once completed, the bigger bike-share zone will reportedly have about 12,000 bikes and more than 700 stations. The first new stations will be installed next year, and the implementation of all of phase two will stretch into 2017, according to the Citi Bike blog. The price of an annual membership will rise from $95 to $149, but the $60 discount membership for NYCHA residents will not change.

Stephen and Clarence Eckerson are at the presser and will have more details later today.