normalthings wrote: ↑Wed Jan 26, 2022 2:38 am
Omaha to announce plans for a 3 mile streetcar line and financing plan with no tax payer support tomorrow. Looking forward to seeing how they do it
3 miles, free to ride system. Modern LRT vehicle.
No tax increase funding plan developed by urban core association.
$225 million project cost estimate. $354 million minimum revenue projection. TIF: extending all existing TIFs to 20/25 years and capturing those funds for transit. All new TIF projects (like the new HQ) will contribute 25% of proceeds to the streetcar. These are only for TIF within 3 blocks of the line. Will also use revenues from city owned downtown garages to help pay for O&M into the far future.
2022/23 design. 2026 open. Does not sound like they are applying for federal funds.
Immediate launch or a north/south route study. They do plan on applying for federal funds for that.