Bixi Toronto will have a new name and a new pricing plan on Tuesday.

The Alta Bicycle Share will take over the operation of Bike Share Toronto from the Public Bike Share Company, the Toronto Parking Authority said Tuesday.

The new logo will be similar to the Green P parking logo.

The program’s fees are changing too. The cost for a 24-hour pass will go up to $7 from $5. A 72-hour pass will go up to $15 from $12. Monthly memberships will decrease to $18 from $41. Yearly memberships will decrease to $90 from $97.

Alta is based in Portland, Ore., and has managed similar programs in New York City, Chicago, Boston and San Francisco.

Bixi Toronto struggled financially since starting in 2011, and still owes the city a few million dollars, but filed for bankruptcy in January.

In December, it was announced that city council accepted $5-million from Bell Media’s Astral Out-of-Home division through the City’s street furniture program to fund the takeover.

It is reported that the TPA is still looking for a corporate sponsor for the program.

There are about 1,000 bikes parked at 80 stations in downtown. Click here for a map of current bike stations.