There's a major incentive for the university that the article completely misses -- parking (spaces, security for lots, dealing with on-campus traffic jams, etc.

There's a major incentive for the university that the article completely misses -- parking (spaces, security for lots, dealing with on-campus traffic jams, etc.) for the entire student body can be surprisingly expensive. I wonder how that compares over four years to the cost of one $480 bike. Also, if they're buying a bike for every student, they're probably paying quite a bit less than retail.