the first phase. “Operating costs include
labor for streetcar operators, for maintenance of the streetcars, track and other facilities, and for ongoing management and administration of theservice.”
There is no mention of depreciation.
If the streetcaroperates at an annual deficit,
where will the city get the cash to repay the bonds?
A 30-year amortization would require an averageannual cash cost of at least $2 million. At one point, you proposed a“$25 million from
tax increment financing
from downtown propertytaxes.” Is that how you intend to resolve the cash shortfall?
The current streetcar route will begin in Over-the-Rhine, one of themost economically distressed areas in the United States, and end atFountain Square. While city management may believe,
“If we build it, they will come,”
my question is
”When will they come?” and, “How much will we spend awaiting their arrival?”
Estimated first yearridership totals 3,700-5,600 daily riders.
Do we expect riders toimmediately come from Over-the-Rhine to the center city? … BeforeOver-the-Rhine is populated with those upwardly mobileprofessionals.
Current ridership estimates of 3,700-5,100 for the
lineare virtually the same as ridership in the longer route originallyproposed (Findlay Market to The Banks).
How have these estimates been updated to reflect the shortened line, which ends at Fountain Square
A recent Cincinnati Enquirer article stated that historically, the firststreetcar segment in a successful route is 3.2 miles. What makes usbelieve that 1.6 miles will be successful?
The current plan shows about a $2 million operating deficit ($2.6million operating costs less $.6 million of
Thedeficit will be funded by $3 million of Casino revenue, and $.4 millionof Parking Meter receipts. Are you still satisfied that we shouldspend these funds on the streetcar rather than on
schools, roads,sewers, water lines, bridges etc.– some of which were constructed in the 1800’s?
Have you identified the source of the $6.5 million Private Funding?
Source: http://cincinnati- oh.gov/noncms/projects/streetcar/docs/updateMay2011.pdf
Source: .http://Cincinnati- oh.gov/noncms/projects/streetcar/docs/updateMay2011.pdf