Streetcar work in progress - Charlotte Business Journal:

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This month, a streetcar advisory committee made severalp recommendations to City Council in the latest bid to accelerate the constructiob schedule that currently calls for a starrt date in 2018 and completion five years Support from both sides of thepoliticalo aisle, as well as business and civi leaders, gave the streetcar renewed momentum duringt the past year. But economic reality has slammedx onthe brakes. “I would hope everyonse sees this as an opportunity to stimulat e the economyin Charlotte,” says Ron Carter, president at and chairmahn of the streetcar committee.
“I don’t see it as a Carter and other boosterssay it’s difficulrt to put a timeframe on building the streetcat until further planning and engineering work is Among the tasks: zeroing in on the cost, now estimated at $457 As recently as the price tag was $300 City Manager Curt Walton recommended fundin g the additional planning and study during a recent budge t retreat, with an expected $8 million cost. If the city signs off on that it would likelybe late-2010 before the additionap studies and design work are finished. “The we’ll know what we’re dealing with,” Walton says.
A city-funded $250,0009 consultant’s report completed earlier this year predictee a surge inproperty values, tax revenue and development alony the 10-mile corrdior once the streetcat is up and running. The proposed route runs from Beatties Ford Road througy uptown and Elizabeth to Eastland It could be built all at once or in depending on political will andavailablse funding. Potential funding sources suggested by the consultant and the advisorty committee include using some of the new propertyg taxes created by the project to pay backlarge loans, a neighborhood or district tax, federapl and state money and a possiblre expanded local transit tax.
Jim committee vice chair and executive-in-residence at Johnson and Wales University, says one idea broached by the consultantsw isa dealbreaker: Taxing nonprofit organizations alon g the route, including colleges, churches and hospitals. Everyone on the committese is realistic about finding money in thenear “It’s tough,” Palermo says. “Butg a down economy is the time when you plan forwhat you’lol do when you come out of First, though, council must approve the initial $8 million a prospect that elicits differing opinions among members.
“It’s probablyt a year away,” says John Lassiter, a Republicanb who heads the economic-developmenyt committee. Lassiter supports the streetcar but believezsthe city’s current financial pressures leave no room for even the initia l funding for the streetcar. Lassiter’s mayoralk rival and Democratic colleague, Anthony offers a differing view. Because the streetcar study would bea one-timew cost, the city should be able to find a way to approvwe the money in the fiscaol 2010 budget that begins in July. “There is some capacity in our budgety to borrow to do somethinglike this,” he says.