This morning, the New York City Department of Transportation announced [pdf] that the city’s highly anticipated bike share system would launch in March 2013, an extended timeframe that will allow the system’s private operator time to solve a software issue.

Streetsblog reports that the delay stems from a dispute between the Public Bike System Company, which makes the bike share’s vehicles and docks, and their former software supplier. Following a disagreement about billing, PBSC switched vendors and began developing new software.

The first phase of next year’s rollout will bring 7,000 bikes at 420 stations, and the system will eventually grow to include 10,000 bikes and 600 stations. At an event on Thursday, Mayor Bloomberg clarified that the city will not seek financial damages from Alta Bicycle Share, the system’s operator, since New York City is not losing any money due to the delay.

In a statement released today, Tri-State said that Citi Bike would be “worth the wait,” calling the delay a “responsible move that will help guarantee the success of the city’s first bike share.” The full statement is available online [pdf].