Tue April 30, 2013
City manager's ideas for filling streetcar funding gap
Cincinnati City Manager Milton Dohoney is laying out how he would find the additional $17.4 million needed to build the first phase of the streetcar project.
As he suggested during a hearing Monday night it will be from a combination of sources.
He issued a four-page memo to the Mayor and Council Members Tuesday afternoon with his ideas.
- Taking $6.5 million from a fund to make infrastructure improvements near the new casino
- Temporarily moving $5.4 million from the Music Hall plan to the streetcar
- Issuing an additional $4.6 million of bonds
- Delaying a traffic signal replacement project ($400,000)
- Delaying a water main relocation ($500,000)
City Council will have to approve the additional funding for the streetcar project.
Vice Mayor Roxanne Qualls said the Budget and Finance Committee will hold a special meeting to discuss Dohoney's funding options.
The streetcar project is over-budget because construction bids for the first phase came in higher than officials projected.