On March 17th, 2008 the initial funding plan that Capitol South Urban Redevelopment Corporation and HDR Inc., a consultant to the city on the streetcar initiative, jointly developed was presented to the Streetcar Working Group in a public meeting at Columbus' City Hall.
To download and read the entire 30 page Columbus Streetcar Project Financial Plan, click here. You'll find the core break down of who will pay for what and how on page 25.
In summary, this is how the initial funding scenario has been presented:
STREETCAR FUNDING SCENARIO
|
COSTS: |
ANNUALIZED (Millions) |
|
Annualized Streetcar Construction and Operating Cost
|
|
|
Total Construction Cost is $103 million (2010 Dollars) |
|
|
Annualized for 25 years at 4.5% interest |
$ 6.9 |
|
Total Gross Operating Cost |
$ 4.5 |
|
Total Annual Funding Needed |
$ 11.4 |
|
FUNDING SOURCES: |
ANNUALIZED (Millions) |
|
80% of funding will come from activity in the Benefit Zone |
|
|
Fares (average of $1/ride for standard fare programs) |
$ 0.7 |
|
Ohio State University participation |
$ 0.5 |
|
Charge on paid off-street parking (4%) in Zone |
$ 1.1 |
|
Charge on paid admissions (4%) in Zone |
$ 3.8 |
|
Increase in parking meter rates in Zone (up to 75 Cents/hour on 2 hour meters only) |
$ 0.8 |
|
Dedication of existing parking meter revenues in Zone |
$ 3.6 |
|
Total Annual Benefit Zone Resources |
$ 10.5 |
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20% of funding will come from the Greater Community |
|
|
MORPC (10 years of annual payments starting 2011) |
$ 2.0 |
|
Advertising and short term naming rights |
$ 0.1 |
|
Federal formula funds |
$ 0.1 |
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Total Greater Community Resources |
$ 2.2 |
|
Total Annual Funding Available |
$ 12.7 |
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FUNDING PLAN CONTINGENCY: |
$1.3 |
OTHER POTENTIAL PARTNERSHIPS:
State, COTA, Private Sector, Long Term Naming Rights
Tax Increment Financing (TIF Districts should be established in the short term, but revenues will be long term)
Federal FTA Funding (may be pursued for future line extensions)
Keep in mind that this is the initial funding scenario. This scenario gives the city the document they need to go out into the community to work with the stakeholders and establishments that will be impacted by the fees laid out in the plan. While changes are not guaranteed, adjustments or a reconfiguration is entirely possible.
