A new City Council began governing Rhode Island's capital city, Providence, on Monday, Jan. 5, 2015, with a pledge from the new City Council President vowing to continue vying for an initial streetcar line.
City Council President Luis Aponte said the proposed streetcar would be an economic aid to the fiscally ailing city, telling local media, "We need to send out a strong message that Providence is open to good development."
"We want to make the process is as predictable and as efficient as possible for the developers while maintaining the obligation to make sure we strike the best deal for the city," Aponte said.
Providence has garnered $13 million in federal Transportation Investment Generating Economic Recovery (TIGER) funding for the projected 2.1-mile, $117 million initial line, less than applications of $39 million and $29 million the Rhode Island Public Transit Authority (RIPTA) sought in previous applications for funding. RIPTA approved the streetcar plan in 2012.
Other funding options being explored include Tax Increment Financing bonds, covering roughly 56% of costs, and state contributions, including funding from the federal Congestion Mitigation and Air Quality (CMAQ) program.