Cincinnati officials now say the contingency budget for the city's streetcar project is estimated to be $1.3 million. That is up from the $80,000 reported about a month ago.
Officials updated a council committee Tuesday on the project.
“We have better information and more concrete information upon which to project those expenses,” said Chris Eilerman, a city official working on the project who explained the changes. “Based on that we’ve been able to hone in on better numbers and the result is what you see here.”
Cincinnati Council has approved a three part plan to pay for operating costs of the Cincinnati streetcar.
It includes a mix of fares and advertising income, parking meter revenues from downtown and Over-the-Rhine, and changes to the city's abatement policies asking developers to contribute money to a fund to help with operating costs.
Mayor John Cranley called the plan creative even though he said he still believes the streetcar project is a mistake.
Streetcar track work is now moving into Cincinnati's Central Business District and that likely will continue through early 2015 as part of the $133 million project.
"Seeing the track on Walnut Street is an exciting milestone in the construction process," said project executive John Deatrick in a statement. "It's a sign the streetcar is getting closer to achieving our goal to connect two major downtown neighborhoods: Over-the-Rhine and the Central Business District."