Citing an estimated $1.4 billion economic return to the city, leaders in Cincinnati recently proposed spending $102 million on a streetcar line to dig the city out of ia $29 million budget deficity, its largest ever. The potential economic impact was revealed by a study of major metro areas around the country that have reaped billions in benefits by investing in streetcar lines.
According to excerpts from the story:
Cincinnati should spend $102 million to build a streetcar line even though the city faces a $29 million deficit in 2008, officials urged Tuesday.
City Manager Milton Dohoney and City Architect Michael Moore pitched the project to City Council's Economic Development Committee, saying the investment would pay dividends in years to come as a result of increased economic development from new businesses and residents along the rail line's route.
The project would cost $88 million in 2007 dollars, the report concluded. In 2010, the price would jump to $102 million because of inflation, and have a projected $1.4 billion economic impact on the region, David Vozzolo, an HDR vice president, said in May, when he made a presentation to some council members.
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