A bike-sharing program is set to launch in downtown Toronto starting on May 3.

The City of Toronto announced in a statement that BIXI Toronto has received the go-ahead to post 1,000 bicycles at 80 locations in the downtown core.

The biking stations have not yet been determined, but will be south of Bloor Street between Spadina Avenue and Jarvis Street.

A bike-share program has already been organized by the Public Bike System Company in Montreal and another is being launched in Ottawa. Similar systems already exist in Paris, Minneapolis and Barcelona.

"The BIXI Toronto program is an exciting new cycling initiative that will encourage more bicycle trips in the downtown core. It is also a great example of public-private partnership to benefit Toronto residents and visitors," Coun. Denzil Minnan-Wong said in a statement.

City Council approved the BIXI Toronto program last May and it has already racked up more than 1,200 annual members.

The system works on a membership basis; an annual membership can be purchased for $95, while monthly and daily memberships are also available.