Streetcar work in progress – Charlotte Business Journal:

This month, a streetcar advisory committee made severa recommendations to City Council in the latesyt bid to accelerate the construction schedule that currently callsd for a start date in 2018 and completiomn fiveyears later. Support from both sidesz of thepolitical aisle, as well as business and civiv leaders, gave the streetcarr renewed momentum during the past year. But economif reality has slammed onthe “I would hope everyone sees this as an opportunituy to stimulate the economy in says Ron Carter, presidengt at and chairman of the streetcar “I don’t see it as a Carter and other boosters say it’s difficuly to put a timeframe on building the streetcare until further planning and engineering work is completed.
Amonf the tasks: zeroing in on the now estimatedat $457 million. As recently as the price tag was $300 million. City Managee Curt Walton recommended funding the additiona planning and study during a recent budget with anexpected $8 million cost. If the city signs off on that it would likelybe late-20109 before the additional studies and design work are finished. “Thenh we’ll know what we’re dealing with,” Walton A city-funded $250,000 consultant’s report completed earlier this year predictec a surge inproperty values, tax revenue and developmenyt along the 10-mile corrdior once the streetcarr is up and running.
The proposedx route runs from Beatties Ford Road through uptownn and Elizabeth toEastland Mall. It coulx be built all at once or in depending on political will andavailable funding. Potential funding sources suggested by the consultan t and the advisory committee include using some of the new properth taxes created by the projecgt to pay backlarger loans, a neighborhood or districtt tax, federal and state money and a possible expande d local transit tax. Jim Palermo, committee vice chair and executive-in-residencer at Johnson and Wales University, says one idea broachedf by the consultants isa dealbreaker: Taxinf nonprofit organizations along the including colleges, churches and hospitals.
Everyone on the committee is realistic about finding money in thenear future. “It’sa tough,” Palermo says. “But a down economy is the time when you plan forwhat you’l do when you come out of it.” First, council must approve the initial $8 million — a prospect that elicits differing opinions among “It’s probably a year away,” says John a Republican who heads the economic-development committee. Lassiter supports the streetcar but believesthe city’s currenft financial pressures leave no room for even the initialp funding for the streetcar.
Lassiter’s mayoral rival and Democratic Anthony Foxx, offers a differing Because the streetcar study would be a one-time the city should be able to find a way to approve the money in the fiscakl 2010 budget that begins in “There is some capacity in our budget to borros to do something like this,” he says.
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