Council Committee Starts Getting Streetcar Operating Funds Update
A Cincinnati Council committee will now get monthly updates on streetcar operating revenues.
There is not a lot to report at the moment since most of the money will be generated once the system starts operating next September.
Assistant City Manager John Juech called Tuesday’s numbers a high-level overview.
“I don’t think the point of this is to pick out a number in 2019 and say that that’s what we think it’s going to be in that year,” Juech said. “The point of this really is to start to focus on what are the various revenue sources and what’s the plan for collecting these monies and applying it to the operations of the streetcars.”
Streetcar revenue sources:
- Streetcar Fares
- Sponsorships, Advertising, Naming Rights
- Tax Incentive Policy (on developments in OTR)
- Parking Plan Revenues
- Federal Transit Authority Grants
The city is contributing $1.5 million a year from new revenue generated by higher parking meter rates, longer hours, and fines.
Council Member Amy Murray said there is some good news for that revenue source.
“We didn’t know, when we implemented this, what the results would be,” Murray said. “We’re at $330,000 for the first two months of this fiscal year, so I think we will hit the $1.5 million. I think the worry is if we we’re at $50,000 the first two months then we would have to look at some other alternatives.”
Meanwhile, the first streetcar vehicle is expected to arrive by the end of the month.
Residents will likely see it on the tracks being pulled through Over-the-Rhine and Downtown in mid-November. It's called a “dead pull test” and will likely happen on a Sunday and cause some street closures.