October 09, 2014

 

City News Service

  

Economists believe a $274 million downtown Los Angeles streetcar project would spur $1.6 billion in development over 30 years, exceeding a previous projection of $1.1 billion, a transportation group said. An AECOM study commissioned by Los Angeles Streetcar Inc., a nonprofit formed to raise funds for a streetcar, projects the four-mile route would create 26,000 jobs, $1.6 billion in development and $303 million in tax revenue for city, county and state governments in its first three decades. LASI Chairman Steve Needleman said the study showed what he expected it to, that a streetcar would “not only be a great boon for downtown,” but also create jobs, bring in money for city services and boost tourism.

 

“Finally L.A. is on its way to being much more than just a city of cars,” Needleman said. “The streetcar will integrate with regional and local mobility options of all kinds. It’s the next step along the path to a more connected, sustainable, and productive Los Angeles.”

 

Councilman Jose Huizar, who district includes downtown and favors the idea, hailed the findings, saying downtown is an “economic engine for our entire region, and the streetcar's benefits will have just as wide and important a reach.”

 

Another AECOM study in 2011 projected the streetcar would inject $1.1 billion into the local economy.

Category: News



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