One of the primary goals of LASI is to secure the capital and operational investment that will be needed to construct a streetcar in Los Angeles.
Current Funding Allocations
CRA/LA Board action of October 2, 2008, as approved by City Council on December 5, 2008, provided $5 million of the City Center amended FY 2009 Budget to be allocated to the Downtown Streetcar Project along with a footnote that future budget action would include $5 million from the Bunker Hill Redevelopment Project.
- In January, 2008, Congress provided a $98,000 Federal Transit Administration (FTA) Alternatives Analysis appropriation for CRA/LA and the City of Los Angeles to begin working with FTA on a path that could result in future federal funding for the Downtown Streetcar Project as a federal Small Starts Project.
- As part of future consideration of federal re-authorization of federal transportation funding in 2009, Congressional representative, Lucille Roybal-Allard is recommending environmental funding in the amount of $500,000 for the project.
- $96,000 was allocated through CRA/LA for IBI Group to complete Broadway/streetcar feasibility studies.
- Over $100,000 has been donated to date by LASI Board Members and interested stakeholders to further fund the administration and investigation the project.
Though this funding is only a fraction of the anticipated $90-$100 million for the construction and initial operation of the streetcar, it is a significant start. Los Angeles Streetcar Inc. is actively allocating these and other funds to develop an eventual preferred alignment, engage stakeholders through public forums, and initiate environmental analysis as required by State and Federal law.
Much like the Portland and Seattle streetcar model, the Los Angeles Streetcar will seek funds outside of local, state, and federal government funding to achieve the needed capital. Additional funding will have to be supplied through private donations and a benefit assessment district. LASI is anticipating that between 40 to 60 percent of the total cost needed to get the streetcar constructed and operating will have to be raised through a benefit assessment district and is actively working to identify what this assessment district might look like and the details for funding contributions.