072208rack.jpgThe ten finalists were announced today in the Department of Transportation’s search for new street bike rack designs. The city currently has nearly 4,700 boring old U-shaped "CityRacks" around town, but with a 75% ridership since 2000, that number’s not cutting it. The finalists will each receive an honorarium of $5,000 to produce two full-scale prototypes of their design. Whoever wins first place gets $5,000, and in exchange the city gets to keep the intellectual property rights to the design and start installing it. See New York's brave new world of bike racks here.