WPRO News
The Providence City Council Finance Committee is set to hold a public hearing on the proposed $100 million streetcar project Thursday night.
The streetcar would run 1.6 miles from the Providence Train Station, through the downtown and jewelry districts and ending at Rhode Island Hospital.
Proponents of the streetcar say the project would help spur economic development downtown. Providence Mayor Jorge Elorza says the benefit of the streetcar can be seen in cities with subways and similar infrastructure.
“Businesses want to be right by the subway line, and that’s what we see in city after city with streetcar projects,” said Elorza.
The plan calls for a special tax on properties whose value is benefitting from the presence of the streetcar to pay for its construction.
“Folks throughout the city who aren’t benefitting from the streetcar […] wouldn’t be paying any extra taxes,” continued Elorza.
Ward 14 Councilman David Salvatore is wary of the proposal, saying in a statement that the city should develop “a more effective model” of economic development before sinking money into the project.
“In a time when our schools and roads are in desperate need of infrastructure upgrades, it would be irresponsible for our City to add additional borrowing costs to the City’s budget without a guaranteed return on investment,” said Salvatore.
The U.S. Department of Transportation has already approved a $13 million grant to pay towards the streetcar in the project is approved.
The meeting is scheduled to begin at 6:00PM.
