The correct sentence is:
The bike on the bike rack is blue.
The other sentences contain subject-verb agreement errors:
- "The sidewalks in the courtyards has been decorated with chalk." → should be "have" instead of "has."
- "The cars in the parking lot belongs to the teachers." → should be "belong" instead of "belongs."
- "The surface of the parking lots were redone this summer." → should be "was" instead of "were."