Saturday, May 4, 2013

Enquirer sounds alarm about latest Streetcar patchwork financing plan

The Enquirer editorial board has now weighed in on the latest financing plan advanced by Milton Dohoney for the Cincinnati Streetcar project, this one aimed at closing the $17.4 cost overruns in the project.  You can read the Enquirer editorial here.

The sidebar could also be read as taking a slap at the City for the underhanded way in which the plan was rolled out, one day after the high-profile public hearings on the project.

The opening line sums up the City's thoughts on the Dohoney plan:

The latest plan to pay for the Cincinnati streetcar just adds more patches to an already patched-up financing plan.
It then details the concerns about raiding other pots of money to advance the boondoggle, stealing from Over-the-Rhine improvements, raiding the funds set aside for the long-delayed Music Hall renovation.  The Ed Board missed the additional burden on the taxpayers -- a property tax increase to pay for more bonds -- tucked into the Dohoney proposal.

Still, it was welcomed independent inquiry of this project that sorely needs some hard questions asked and answered before further resources are committed to it.  

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