City of Tampa takes over Streetcar

[thelakelander]

For those interested in potential dedicated funding sources for streetcars in Jacksonville.  In Tampa, although its about gone, due to bad investments, they originally set aside $5 million for a streetcar endowment fund.  With a portion of the BJP rapid transit funds, we could do something similar (ex. $10 to $15 million) for a system here.  Combine it with streetcar wrapping ads, station sponsorships, fare collection, etc. and we'll have a dedicated funding source that could last for a few decades.  In turn, this will give the system enough time to stimulate transit oriented development along the route.  Annual property taxes from new development along the transit corridor could then be funneled into the fund to keep it going and to expand mass transit throughout the city.

TAMPA - The city council has approved an agreement that turns control of a fund that pays for Tampa's electric streetcar line over to the city to keep the trolleys rolling.

Under the deal approved today, the city's finance department will assume control of the streetcar endowment fund, which would be put into a cash management fund to make low-risk investments such as treasury bills and certificates of deposit.

The vote was 6-0, with Councilwoman Linda Saul-Sena absent during the tally.

Councilwoman Mary Mulhern said she was concerned about the ability of the streetcar board of directors to reinvest the money in the market if economic conditions improve.

"With the market coming back, it might be wise for the board to be able do more with that money," she said. "With the city as custodian, they would be somewhat constrained."

Assistant City Attorney Sal Territo told council members a provision of the agreement allows the board to request that the city transfer the fund back under their control.

"They can ask for the money back anytime they want," he said.

The fund, which started at $5 million, has shrunk to $1.4 million in the past two years, partly because of the streetcar line's $2 million annual operating expenses but mostly because the endowment was invested in securities that took a beating on Wall Street.

In December, the streetcar board of directors voted to move the endowment from equity investments to a money market account, but the damage already had been done.

Unless the fund begins to see investment gains, city officials say, it could be gone in two or three years and Tampa would be forced to take over operation of the streetcar line, which runs from the Channel District downtown to Ybor City's Eighth Avenue.

On average, about 1,200 people use the line daily, most of them tourists and conventioneers. This past fiscal year, the system's best, logged 440,738 rides.

The city's expanded role comes as the board wants to use grant money to extend the line from the Tampa Convention Center to Whiting Street to attract more riders. The Hillsborough Area Regional Transit Authority, which operates the streetcars, is expected to seek bids for the $5 million project.

http://southtampa2.tbo.com/content/2009/jun/25/council-oks-takeover-tampa-streetcar-fund-city/news/

[mtraininjax]

Lake - JTA cannot even get the advertising of bus stops passed in this town, what makes you think anyone downtown cares about streetcars? We all know how fast this city can waste a good investment too.

[thelakelander]

We could say the same thing about Metropolitan Park, the Shipyards, JTB, Soutel Drive and the Outer Beltway.  Nevertheless, attend a few meetings and you'll be amazed by what many of your neighbors in Riverside, Springfield and DT have to say about mass transit. 

From the city's standpoint, if they plan on investing public dollars to improve the area's quality of life, a streetcar line makes a ton of sense dollar wise.  Primarily, because they have the ability to attract infill development in spots like Brooklyn, LaVilla and the Cathedral District.  Don't think so?  Take a visit to Portland, Tampa, Kenosha, Little Rock, Memphis, Charlotte or Tacoma.  Name another public project in the urban core that would have the ability to do the same for equal value?

[Ocklawaha]

No one really knows the effect of "KEITH PIERSON" bus wrap. While it does bring in revenue, it may have a reverse effect on passenger boardings. One has to think of the psychology of the commuter, tired, rushed, and willing to ride. No time to study the fine art of bus transit, a wrapped bus could be anything and could be going anywhere. I've long had a theory that if tested, I believe that wrapped buses drive away passengers, for the same reason that streetcar attracts them - uniform, "FIXED" appearance. Houston has experimented on buses following special painted lanes, with LED lighting at cross streets, stops and such. Amazing, but they are doing better then the same bus without the uniform route or colors.

Mike Blaylock and I had a long talk about this and I discovered that Blaylock also feels the bus wrap isn't helping, and he would like to see it removed. Advertising cards or placards as well as small ad boards on bus sides in my opinion more attractive to the rider looking for security. In Los Angeles, the red line metro, is the red line metro, is the red line metro. No question, no problem, they ALL look like the Red Line Metro.

There are more ways to skin this cat, for example ever seen a bus bench "placed by the Jacksonville Jaycees?" Why not sponsor stops with a National Public TV or Radio approach. Something like stadium naming, the stops, benches or roofline could have a simple sponsor line or two.

OCKLAWAHA

[mtraininjax]

if they plan on investing public dollars to improve the area's quality of life a streetcar line makes a ton of sense

You might as well talk to the wall. Our illustrious mayor wants to fix the fountain before anything else. We need new leadership for new ideas.