CHICAGO (CBS) — Lyft would spend $50 million to expand the city’s Divvy bike sharing program to all 50 wards in Chicago, under a nine-year sponsorship deal the mayor’s office will present to the City Council on Wednesday.

Currently, Divvy has about 600 stations and 6,000 bikes in Chicago, but has little coverage south of 71st Street, or west of Western Avenue. The agreement would require Lyft to install Divvy stations in all 50 wards by 2021; with Divvy expected to expand to 800 stations and 16,500 bikes over the next three years.

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Under the revenue-sharing agreement with Lyft, the city would receive $77 million over the nine-year contract, to be used exclusively for transportation costs. The city would also retain ownership of the system, and control over fare increases; while Lyft will have responsibility for all operational and maintenance costs, according to Mayor Rahm Emanuel’s office.

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Lyft would have exclusive rights to operate bike sharing in the city, and would keep revenue from Divvy rentals, up to $20 million. The city would receive 5 percent of any revenue after that.

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More than 200 jobs would be created under the deal, which requires City Council approval, according to the mayor’s office.