Eye on Sacramento Releases Report on the Sacramento Streetcar Project

MEDIA RELEASE

 For Immediate Release

Date/Time: January 14, 2015; 1:30 p.m.

Contact: Craig Powell, President, Eye on Sacramento

Phone: (916) 718-3030

E-mail: craig@eyeonsacramento.org

 

Eye on Sacramento Releases Report on the Sacramento Streetcar Project

Eye on Sacramento (EOS), a local civic watchdog and policy advisory group, announced today the release of a comprehensive Report on the Sacramento Streetcar Project, along with a 3-page Executive Summary of the Report.

EOS President Craig Powell said, “Currently, little is known about critical details of the streetcar project, including projected revenues and expenses, future operating deficits, impacts of such deficits on the City of Sacramento’s general fund, bond financing costs, governance of the system, traffic impacts on city streets and freeway ramps, construction impacts on merchants, the adequacy of contingency reserves, the consequences of cost overruns, the experiences of other cities which have recently installed streetcars, and, most important to many, whether streetcars would likely have the catalytic effect on local development that supporters of the project claim Our report is designed to help fill this vacuum of public information.

“We are also mindful that almost 1500 owners of property in Downtown and Midtown will be receiving advisory ballots in the next few days on whether they wish to impose a special tax levy on themselves to help finance some of the project’s $150 million total estimated cost. Yesterday, EOS mailed to each of these owners copies of the attached Executive Summary, together with links to our 42-page Report on EOS’s web site – www.eyeonsacramento.org – to help them arrive at a more informed decision on the proposed tax that is best for them.

“Our Report also seeks to correct some misinformation that has been disseminated in the media about the duration of the proposed special tax levy on Downtown/Midtown property owners, and the total tax assessment that such owners can expect to pay if the levy is approved. We also address some matters of particular concern to such property owners, such as the absence of protective provisions that could reduce owner risks, the fairness of how the tax burden is spread among owners and concerns over a special discounted rate for Arena developers that we estimate could save them approximately $10,000,000 in tax levies, at the expense of all other owners in the proposed financing district.”

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view/download … The Sacramento Streetcar Project … An Eye On Sacramento Report

view/download … The Sacramento Streetcar Project … An Eye On Sacramento Executive Summary