The Cincinnati City Council last week passed a measure to issue up to $64 million in bonds to advance a long-planned $128 million project to build a streetcar.
The project also won $15 million in funding from Ohio last week, and a regional council of governments approved a $4 million grant. Cincinnati has applied for federal funding as well. The local financing is key to securing the federal money, city officials said.
The City Council, which also approved $2.6 million in local funding for the undertaking, approved three separate bond issues to finance the project. The council approved the financing in a 6-2 vote.
The proposal has sparked debate in the city. The streetcar line will connect the city’s downtown riverfront to the University of Cincinnati. Supporters say it will boost economic development in several neighborhoods located along the proposed route, while critics decry the cost.
“This was huge week for our streetcar,” Mayor Mark Mallory said in a statement. “The streetcar project is building momentum. With the city funding in place and partnerships with the state and [regional council of governments], we are in a great position to earn the federal funds necessary to put us over the top. We have sent a very clear message that our community is committed to this project and ready to make it a reality.”
