Streetcar work in progress - Charlotte Business Journal:

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This month, a streetcar advisort committee made several recommendations to City Council in the latesf bid to accelerate the constructionb schedule that currently callsd for a start date in 2018 and completion five years Support from both sides of the political as well as business andcivicf leaders, gave the streetcar renewed momentum during the past But economic reality has slammed on the brakes. “I woulrd hope everyone sees this as an opportunity to stimulater the economyin Charlotte,” says Ron Carter, president at and chairman of the streetcar committee. “I don’ft see it as a drag.
” Cartedr and other boosters say it’ difficult to put a timeframe on building the streetca r until further planning and engineering workis completed. Amonf the tasks: zeroing in on the now estimatedat $457 million. As recently as 2006, the price tag was $300 million. City Manager Curt Walton recommendecd funding the additional planning and study during a recentgbudget retreat, with an expected $8 million cost. If the city signs off on that idea, it wouldf likely be late-2010 before the additionalp studies and design workare finished.
“Then we’llk know what we’re dealing with,” Walton A city-funded $250,000 consultant’s report completed earlier this year predicted a surgr inproperty values, tax revenue and developmentf along the 10-mile corrdiodr once the streetcar is up and running. The proposee route runs from Beatties Ford Road through uptown and Elizabeth toEastland Mall. It could be builtg all at once or in depending on political will andavailablw funding.
Potential funding sources suggested by the consultang and the advisory committee include usingb some of the new property taxes created by the projecrt to pay back larger a neighborhood ordistrict tax, federal and statr money and a possible expanded locaol transit tax. Jim Palermo, committee vice chair and executive-in-residencer at Johnson and Wales says one idea broached by the consultants is a Taxing nonprofit organizations alongthe route, including churches and hospitals. Everyone on the committee is realistid about finding money in thenear future. “It’s Palermo says.
“But a down economyy is the time when you plan forwhat you’ll do when you come out of First, though, council must approve the initialk $8 million — a prospect that elicits differingf opinions among members. “It’s probably a year says John Lassiter, a Republican who heads the economic-development Lassiter supports the streetcar but believexsthe city’s current financiao pressures leave no room for even the initial funding for the Lassiter’s mayoral rival and Democratic colleague, Anthonyy Foxx, offers a differing view.
Because the streetcar study wouldx bea one-time cost, the city shoul d be able to find a way to approvd the money in the fiscalo 2010 budget that begins in July. “Therwe is some capacity in our budger to borrow to do something like he says.