Streetcar System Proposed For Downtown
LOS ANGELES (CBS) — A proposed streetcar system in downtown Los Angeles would create 9,300 jobs and generate about $47 million for the city, according to a study released today by supporters of the project.
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"The Los Angeles streetcar will have an incredible return with major benefits for Los Angeles -- over $1.1 billion in new development and thousands of new jobs," according to Tim Leiweke, president and CEO of AEG, the owner of Staples Center and the company pushing for an NFL stadium in downtown Los Angeles. "The streetcar will provide easy, safe access for thousands of people to enjoy shopping, dining, cultural events, hockey, basketball and football games, along with other sporting events throughout downtown."
Backers say the proposed $125 millllion project will also bring revitalization to downtown areas surrounding the streetcar route.
The study was funded by the city's Community Redevelopment Agency. The streetcar project is included in Metro's long-range transportation plan, with environmental and engineering work expected to take about five years. The project was expected to be funded through a combination of public and private dollars, with some funding coming through property assessments on downtown businesses.
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