PDF of press release available here.

LOS ANGELES (March 2, 2011) — An award of $50,000 to Los Angeles Streetcar, Inc., from the David Bohnett Foundation could help spur over a billion dollars in local economic development and create 9,300 new jobs.

The funds awarded will help with the nascent non-profit’s operational costs, as well as the promotional efforts of its Downtown L.A. Streetcar Project, an initiative to help the city revitalize its metropolitan core and transition to more sustainable transportation.

» Read more: Bohnett Foundation Donates $50,000 to Streetcar Project

Great news! On Friday, February 25,  the Los Angeles City Council allocated $1M in Measure R Local Return funds to the Downtown Los Angeles Streetcar project. Coupled with CRA/LA funding, this decision will take the project through environmental and engineering phases and position the project to secure future federal funds. A full press release issued by Councilmember Jose Huizar can be found here.

The Downtown L.A. Streetcar Project is pleased to announce the findings of an economic impact study conducted by AECOM. A full copy of the report report is available here.

Major Findings

After accounting for expected baseline growth, AECOM found that the Downtown L.A. Streetcar system will directly support $1.1 billion in new development, 9,300 new jobs, $24.5 million in new annual consumer spending, and $47 million in new city revenue. These values are all additive above and beyond expected growth rates.