Are you in a bike safe neighborhood? And are you ready for him to be out on his own? When I got my bike my world expanded from a few block radius to a mile or more.
Granted, I was the third child and pretty much raised myself. But James as first and only? That's a big jump in independence.
He's not going to get to ride in our neighborhood, but if he can prove himself responsible maybe by next year I might let him bike the mile from my school to his middle school. It will take a lot of riding with me to prove himself.