Mayor Rahm Emanuel and the Chicago Department of Transportation are proposing an amendment to the city’s existing contract with Divvy to allow for a $50 million modernization and expansion of the city’s bike-share system by ride-hailing service Lyft.

CDOT Commissioner Rebekah Scheinfeld was approached by Lyft after it acquired Divvy’s operator, Motivate, in July.

“CDOT is very pleased to be partnering with Lyft to deliver on our commitment to expanding our popular Divvy system to the entire city,” Scheinfeld said in a statement. “The proposed amendment builds on the strong foundation of Divvy today, to ensure we have a growing, modern system with the latest technology, to give Chicagoans and visitors alike an affordable, convenient and high-quality option for getting around.”

In exchange for ridership revenue from the Divvy bike share system, Lyft has agreed to make a $50 million investment in new bikes, stations and hardware and to give the city an additional $77 million in revenue for transportation improvements over nine years, representing $127 million in direct benefits to the city. The expansion would bring Divvy to all 50 wards by 2021 through the addition of about 10,500 bikes and 175 stations. The new bikes will have electric pedal-assist and hybrid locking capabilities.

The growth of the system will allow for the creation of more than 200 jobs, a job-training program for youths and ex-offenders, an expansion of the Divvy for Everyone program for low-income customers and a pilot adaptive bike-sharing program for people with disabilities.