More than a dozen business and philanthropic entities support the Southwest Ohio Regional Transit Authority’s (SORTA) offer to develop a private-public partnership to fund the streetcar’s operating costs, Eric Avner, vice president of the Haile Foundation, told CityBeat on Tuesday.
If enough private contributors agree to finance the streetcar’s operating costs, they could address a major concern raised by streetcar opponents and provide the clearest path forward for the $132.8 million streetcar project since the new mayor and City Council took office early this month.
The Haile Foundation already contributed $1 million to an operating reserve fund for the streetcar, but Avner cautions that his organization’s donation is only the beginning, given all the other entities interested in moving the streetcar forward.
Avner says 14 other business and philanthropic leaders supported the SORTA concept in person or through writing in time for SORTA’s board of trustees meeting on Tuesday. Among other community leaders, Avner cites Otto Budig, Cathy Crain of Cincinnati State, William Portman of the University of Cincinnati, Jeannie Golliher of the Cincinnati Development Fund, Rick Greiwe of Greiwe Development and Jack and Peg Wyant of Grandin Properties.
In a letter to SORTA, the Haile Foundation offers to recruit and financially establish a commission of community leaders that will work with the agency to create an operating and revenue plan that will require no funds from the city of Cincinnati.
Mayor John Cranley called SORTA’s offer “woefully
insufficient” in a press conference on Tuesday. Cranley said the city will need financial assurances far above the Haile
Foundation’s $1 million to cover $3.4-$4.5 million in annual operating costs for the streetcar over 30 years.
Councilman Kevin Flynn, one of two potential swing votes
on City Council, agreed with Cranley’s assessment, but he said the proposal could become a viable option if the city receives more
assurances from SORTA and private entities that show the groups are serious in their offer.
SORTA already agreed to help operate the streetcar if the
project is completed, but its decision to take up the operating costs shows
an additional commitment to the project.
The agency claims bus services will not be impacted by its increased commitment to the streetcar.
City Council expects to vote on Thursday on whether to restart the streetcar project. Council paused the project on Dec. 4 while the city audits the project’s completion, cancellation and operating costs.
Read the Haile Foundation’s full letter below: