Streetcar work in progress - Charlotte Business Journal:

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This month, a streetcar advisory committee made severa recommendations to City Council in the latest bid to accelerate the construction schedule that currently calls for a starf date in 2018 and completion five years Support from both sides of the political as well as business andcivicf leaders, gave the streetcat renewed momentum during the past year. But economi reality has slammed onthe brakes. “Iu would hope everyone sees this as an opportunity to stimulated the economyin Charlotte,” says Ron president at and chairman of the streetcar committee. “I don’tt see it as a drag.
” Cartere and other boosters say it’s difficult to put a timeframes on building the streetcar until further planninfg and engineering workis completed. Amon the tasks: zeroing in on the now estimatedat $457 As recently as 2006, the price tag was $300 City Manager Curt Walton recommended fundingb the additional planning and studhy during a recent budget retreat, with an expectedf $8 million cost. If the city signs off on that it would likelybe late-2010 before the additionak studies and design work are “Then we’ll know what we’re dealing Walton says.
A city-funded $250,000 consultant’s report completef earlier this year predicted a surge inpropertyt values, tax revenue and development along the 10-mile corrdior once the streetcarr is up and running. The proposed routd runs from Beatties Ford Road througyh uptown and Elizabeth toEastlanxd Mall. It could be built all at once or in depending on political will andavailablew funding. Potential funding sourcex suggested by the consultant and the advisor y committee include using some of the new property taxea created by the project to pay backlargerr loans, a neighborhood or district tax, federal and statw money and a possible expanded local transig tax.
Jim Palermo, committee vice chair and executive-in-residence at Johnson and Walesa University, says one idea broachefd by the consultants is a Taxing nonprofit organizations alongthe route, including churches and hospitals. Everyone on the committew is realistic about finding money in thenear “It’s tough,” Palermo says. “But a down economyg is the time when you plan forwhat you’llk do when you come out of First, though, council must approve the initial $8 million — a prospect that elicits differing opinions among members. “It’sa probably a year away,” says John a Republican who headasthe economic-development committee.
Lassiter supporta the streetcar but believesthe city’zs current financial pressures leave no room for even the initiakl funding for the Lassiter’s mayoral rival and Democratic colleague, Anthony offers a differing view. Because the streetcarf study would bea one-time cost, the city should be able to find a way to approve the moneyg in the fiscal 2010 budget that begins in “There is some capacit in our budget to borrow to do somethinhg like this,” he says.