RELEASE
Contact: Rick Coca
Action completes funding for environmental review and engineering of project, which will generate 9,300 jobs, spur $1.1 billion in development and $24.5 million in annual tourism and spending
LOS ANGELES (March 9, 2011) – The Los Angeles City Council unanimously approved last week’s action by the Community Redevelopment Agency of the City of Los Angeles (CRA/LA) to obligate $8.4 million in funding for the Downtown L.A. Streetcar.
The streetcar effort is a public-private partnership project championed by City Councilmember José Huizar’s Bringing Back Broadway initiative and non-profit coalition of property owners, business and civic leaders, L.A. Streetcar Inc. Previous actions obligated $1.6 Million of the $10 million pledged by the agency for the project.
The $8.4 million action approved by City Council on Tuesday comes on the heels of council action two weeks ago to allocate $1 million to the project from Measure R Local Return. The combined actions will provide remaining funding necessary to complete state and federal environmental documentation underway at METRO, as well as complete conceptual, preliminary and final engineering and design for the streetcar.
“These actions will get us through the technical steps necessary to make us ready for shovels to build the Downtown L.A. Streetcar,” said City Councilmember José Huizar. “Thousands of jobs, millions in annual tourism and revenue and an additional billion dollars in development will be a tremendous driver of revitalization that will positively affect our entire city and region. That’s exactly the kind of impact the redevelopment agency can have and should continue to work towards in Los Angeles.”
The approved actions will also allow CRA/LA to contract with L.A. Streetcar Inc. for the establishment of a Community Facilities District, which will allow local registered voters the opportunity to approve a property assessment in order to raise private-sector funding. Private-sector funding is the last piece of the puzzle before federal funding can be sought. A blend of private and public funds is necessary to achieve full funding for construction of the approximate $125 Million streetcar project.
The Downtown L.A. streetcar will run 7-days a week, about 18-hours a day, serving areas including Bunker Hill, Grand Avenue and the Music Center, Historic Broadway and the Historic Core, South Park, L.A. LIVE and the Los Angeles Convention Center.
The AECOM Streetcar Economic Impact Study, executive summary, fact sheets, background materials, informational videos, B-roll, streetcar renderings and related materials for review and reference can be accessed at: http://www.golastreetcar.org/press.
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Action completes funding for environmental review and engineering of project, which will generate 9,300 jobs, spur $1.1 billion in development and $24.5 million in annual tourism and spending
LOS ANGELES (March 9, 2011) – The Los Angeles City Council unanimously approved last week’s action by the Community Redevelopment Agency of the City of Los Angeles (CRA/LA) to obligate $8.4 million in funding for the Downtown L.A. Streetcar.
The streetcar effort is a public-private partnership project championed by City Councilmember José Huizar’s Bringing Back Broadway initiative and non-profit coalition of property owners, business and civic leaders, L.A. Streetcar Inc. Previous actions obligated $1.6 Million of the $10 million pledged by the agency for the project.
The $8.4 million action approved by City Council on Tuesday comes on the heels of council action two weeks ago to allocate $1 million to the project from Measure R Local Return. The combined actions will provide remaining funding necessary to complete state and federal environmental documentation underway at METRO, as well as complete conceptual, preliminary and final engineering and design for the streetcar.
“These actions will get us through the technical steps necessary to make us ready for shovels to build the Downtown L.A. Streetcar,” said City Councilmember José Huizar. “Thousands of jobs, millions in annual tourism and revenue and an additional billion dollars in development will be a tremendous driver of revitalization that will positively affect our entire city and region. That’s exactly the kind of impact the redevelopment agency can have and should continue to work towards in Los Angeles.”
The approved actions will also allow CRA/LA to contract with L.A. Streetcar Inc. for the establishment of a Community Facilities District, which will allow local registered voters the opportunity to approve a property assessment in order to raise private-sector funding. Private-sector funding is the last piece of the puzzle before federal funding can be sought. A blend of private and public funds is necessary to achieve full funding for construction of the approximate $125 Million streetcar project.
The Downtown L.A. streetcar will run 7-days a week, about 18-hours a day, serving areas including Bunker Hill, Grand Avenue and the Music Center, Historic Broadway and the Historic Core, South Park, L.A. LIVE and the Los Angeles Convention Center.
The AECOM Streetcar Economic Impact Study, executive summary, fact sheets, background materials, informational videos, B-roll, streetcar renderings and related materials for review and reference can be accessed at: http://www.golastreetcar.org/press.
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