Revenue Projections Falling Short for Cincinnati's Streetcar
Chris Wetterich reports on funding questions for the Cincinnati Bell Connector streetcar, as one funding source in particular lags behind projections. The voluntary tax incentive contribution agreement (VTICA) asks "developers to donate to the streetcar’s operations some of the savings they would receive from property tax abatements for constructing new buildings and renovating old ones," according to Wetterich.
"But VTICA has lagged and council is now left to figure out how to avoid spending down a surplus in the streetcar operations fund over the next two years while VTICA theoretically catches up," reports Wetterich. The city will receive $130,000 from VTICA in 2019, after projecting it would receive $524,000. A surplus generated by an infusion of parking revenue in 2015 will soon be exhausted. If the VTICA doesn't pick up soon, the streetcar will be about $428,000 in the red by 2020.
The article includes more detail on how the city overestimated VTICA revenue projections, and what it will possibly do as a result of the budgetary shortfall—options range from budget cuts to free rides.
Topics
- The Economic Defense of Sprawl (And What's Wrong With It)
- Searching for the Essence of Planning at the National Planning Conference
- $1.36 Billion in Federal Transit Administration Grants Awarded
- Voters Could End Approved Light Rail Projects in Phoenix
- The Automobile as Prison. The City as Freedom.
- The Most Endangered Rivers in the United States
- Transit Ridership Declined Nationally in 2018, APTA Report Finds
- A Little Baby Boom in Seattle
- The Results of Short-Term Rentals: Fewer Long-Term Rentals, Fewer Homes for Sale, Higher Rents
- First City to Make Ride-Hailing Trip Data Public: Chicago
- Maps: Where Teachers Can Afford Housing in California
- What Was Lost When Streetcars Stopped Still Hasn't Been Found
- 'Better Buses Action Plan' Would Give Buses New Priority in New York
- New Policy Would Likely Close Commuter Rail Stations on the South Side of Chicago
- The Best Kept—and Dirtiest—Secret About 5G
- 'Hybrid' Bus Rapid Transit Design Preferred in Tacoma, Washington
- Montreal Plan to Ban Cars From Major Park Doesn't Stick
- Elizabeth's Warren Plan for Public Lands
- New Transit Center Coming to Cincinnati's Northside Neighborhood
- A Sci-Fi Novel About an Urban Planners and a War Over Gentrification
