FW streetcar said to require no city general funds

Urban circulator

Jon Boyd, Oct 10, 10.

HDR, an architecture and engineering consulting firm, told the Fort Worth City Council that the first phase of a streetcar project would not require funding from general revenue, according to Kevin Buchanan of fortworthology:

HDR also described how Phase 1 can be implemented right now, with no general fund dollars at all.  Phase 1a can be funded by the Near Southside TIF District and the Federal Transit Administration grant that Fort Worth won – its total cost is roughly $55 million.  Phase 1b can be funded by the Trinity River Vision TIF – its total cost is roughly $30 million.  The total cost estimate for Phase 1 includes everything – tracks, electrical infrastructure, vehicles, maintenance facility, and more.  Let us make it doubly clear – Phase 1, totally viable on its own with no future expansion, can be paid for entirely using TIF funds from the local districts and our FTA grant – no city general funds required.  Phase 1 would be totally paid for by the districts that would be using it – it would not be being paid for by tax dollars from residents in other parts of the city. HDR will be delivering a more detailed business plan in November.  The T has already committed operating funds for the project, so we can also already pay to run it.

Based on very conservative numbers, HDR estimates Phase 1 would add $335 million in additional, streetcar-powered value along its route over 15 years.  The actual value could very well be even higher, based on what other cities are seeing.

HDR pointed out that this is not some way to force a change in culture in Fort Worth – it is a way to position Fort Worth to meet the cultural change that is already happening in the United States.  There is a growing market segment for walkable urban areas, and Fort Worth – while having planned for it – is behind on delivering it.

The consultants argue that capture of incremental real estate value spurred by the streetcar line will cover the local matching funds.  Fort Worth won $25 million from an FTA Urban Circulator program for the streetcar project in July, as reported by Off the Kuff and the Fort Worth Star-Telegram.

Full story
Fort Worth looks to finalize streetcar plans
Dallas, Fort Worth win FTA grants
Fort Worth planner makes case for downtown streetcarPortland business owner discusses streetcar benefits
Streetcar advocates fare well in elections

 

 

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