The Providence, R.I., City Council on Thursday will consider a proposal to borrow $57.7 million for upfront costs for a 1.6-mile streetcar line.
Council President Luis Aponte will submit the ordinance, which would enable the city to use tax increment financing revenue bonds for the project. Rhode Island's capital city expects the state and federal government to cover the balance.
Other expected funding sources would be federal funds, Rhode Island's capital plan, and federal Congestion Mitigation and Air Quality money administered through the Rhode Island Public Transit Authority.
Earlier in April, the city issued a request for proposals for preliminary planning and engineering services
The initial 1A phase would provide two-way service from South Providence to the East Side near Brown University and loop through the downtown Amtrak and Massachusetts Bay Transportation Authority commuter rail stops near Kennedy Plaza.
In 2014, Providence received a $13 million grant under the federal Transportation Investment Generating Economic Recovery program, or TIGER, to fund construction. The city intends to submit an environmental assessment to the Federal Transit Administration in compliance with the National Environmental Protection Act.
Local transit advocates say a streetcar system could create 6,000 jobs, including 250 construction jobs, and attract 1,500 new city residents over 20 years, and increase surrounding property values by $1.1 billion.
