The City of Cincinnati has updated their Streetcar Website. The most up to date Cincinnati Streetcar information is available here.
Funding Sources for the Cincinnati Streetcar
December 2010
Monthly Archive
December 27, 2010
The City of Cincinnati’s New Streetcar Website
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December 23, 2010
December 22, 2010
December 21, 2010
Local Business to Expand Along Streetcar Line
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The Cincinnati Streetcar will benefit all of Cincinnati’s 52 Neighborhoods by creating jobs and economic development along the line. These new jobs will expand the tax base and increase the resources available to our City.
Even before the first track has been laid, local businesses like Mayberry Foodstuffs and Daisy Mae’s are expanding their operations along the streetcar line, creating new jobs in our City. From the Business Courier:
Barry Cooper, who owns Daisy Mae’s Market with his brother Jeff, said he purchased the three-story building at 107 W. Elder St. Dec. 20 for $51,000…
“It’s a good hub to build around, that’s why we’re putting our money into it,” Cooper said.
The two-year plan for the building is to find a retailer to operate in the buildings store front, which is about 30 feet away from the proposed Cincinnati streetcar route at Race Street.
Read the Rest Here: Daisy Mae’s buys Over-the-Rhine building to expand | Business Courier
December 10, 2010
Fully Funded Streetcar to Break Ground in 2011, Operational 2013
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From Mayor Mark Mallory:
Today was a great day for our Streetcar project. The State recommended an additional $35 million for the first phase of the Streetcar. We now have the full amount needed to complete the first phase. In addition, the State also recommended $1.8 million for planning for the second phase of the project.
This is great news for Cincinnati. The Streetcar project is going to help grow our city and improve our financial future.
Thank you for your continued support of this transformational project.
Happy Holidays.
Mayor Mark Mallory
From City Manager Milton Dohoney:
.
I am very happy to report that today the Ohio Department of Transportation’s (ODOT) Transportation Review Advisory Council (TRAC) unanimously recommended an award of $35 million for Phase 1 of the Cincinnati streetcar project. This award brings the total amount of funding identified for the streetcar project to approximately $150 million. This provides all total capital project costs. In addition, the TRAC also recommended an award of $1.8 million for planning and preliminary engineering for Phase 2 of the streetcar project.
Especially in light of the budget problems facing the city, I am convinced that we must use every economic development tool we can to bring residents, jobs, businesses – and tax revenue – to the city. Together, the streetcar, casino, The Banks, 21c hotel, and other investments generate bigger returns that will stabilize and grow our local economy. The streetcar alone has a $3 return for every $1 invested.
I’d like to thank ODOT Director Molitoris and the members of the TRAC for their commitment to Cincinnati’s streetcar project, in part, as a tool for economic development.
I also appreciate your ongoing support and hope you have a safe and happy holiday season.
Milton
December 7, 2010
Soapbox: Streetcars are Proven Tools of Economic Development
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From this week’s Soapbox:
The streetcar is a proven tool for economic development. It is the means by which we grow the city, attract new residents and investment, and grow the city’s tax base. Given that tax increases are the “third rail” of our current political climate, the streetcar is an empirical tool for revenue enhancement in the absence of increased taxes. In so doing, the city reverses the decline in the general revenue fund by boosting property and income taxes. Curiously enough, opponents have never provided an alternative to enhance revenues, despite being repeatedly asked, point blank, for a solution….
[The streetcar will] generate an estimated $378.2 million in economic development impact over some 30+ years. A project which bisects 57% of the tax base for the entire city. Moreover, according to City Manager Milton Dohoney, the proposed operating budget contains no line item money for the streetcar, and even if it were not built, the deficit would still be $58.7 million.
Image: Scott Beseler
