Seattle — Streetcar Funding Plan

Rail Transit Online, May 2005

Mayor Greg Nickels has unveiled his financing scenario for the new 2.6-mi. (4.18 km) streetcar line through the South Lake Union area. The plan calls for obtaining unsecured federal grants, private sector contributions and the sale of naming rights to the line itself, stations and cars. The city would also sell development rights on publicly-owned property and use money obtained four years ago from the sale of city property to companies controlled by developer Paul Allen.  Nichols did propose paying for the $47.5-million project with general fund money but he did suggest taking nearly $1 million earmarked for new bus service.  Allen and other developers plan to make South Lake Union into a biotech center and upscale residential area that would be connected to downtown with a streetcar service similar to that in Portland.  The city council will now review Nickels’ plan over the next three months before voting on whether to proceed.