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• How does the streetcar support other City policy goals such as long-term fiscal sustainability, community J <br /> character, quality of life issues and the City's image and identity? <br /> Task 2: Funding Analysis <br /> From a cost-benefit perspective, the key issue is the magnitude of the local funding requirements <br /> necessary to design, build and operate the proposed streetcar system. Since the benefits are all locally <br /> derived, the policy level return on investment will be sensitive to the amount of local funding that is <br /> required. As a result, to fully evaluate the potential of moving forward, it is necessary to better understand <br /> the practical reality of funding and the feasibility of attracting non-local funds to the project. As was the <br /> case with the Everett Riverfront project, a good economic development investment offers the opportunity <br /> to significantly leverage local public funding by attracting other investments to the project. In this case, the <br /> potential other investors include: <br /> ■ Federal Transit Administration Small Starts program <br /> • State and regional grant funding options <br /> • Direct private investment(LID or transit-oriented development opportunities) <br /> • Indirect private investment(net fiscal benefits associated with downtown economic development) <br /> The analysis will consider the magnitude and general feasibility of each of these sources in terms of <br /> defining the potential local investment requirements for the project. The local investment portion will be <br /> evaluated from the perspective of the practical feasibility of using existing sources of funds for the City <br /> share versus the need to increase local taxes to meet the needs of the project. <br /> Task 3: Policy-Level Cost-Benefit Assessment <br /> The benefits assessment and the funding analysis will be brought together into an overall cost-benefit <br /> assessment of a potential investment in a downtown streetcar project. This assessment will be qualitative <br /> in nature, but will provide decision makers with a clear understanding of the policy, financial and <br /> economic development implications of pursuing different options. <br /> Task 4: Meetings with Mayor and Senior Staff <br /> We will attend up to three meetings with City staff to discuss the study progress and findings. Meetings <br /> will be designed to inform the Mayor and key staff about the issues, approach and emerging findings so <br /> as to offer collaborative feedback on this effort leading to a shared understanding of all the key issues <br /> and the policy and financial tradeoffs of continuing with the project, deferring action or deciding to not <br /> proceed further. <br /> Task 5: Streetcar Report <br /> We will prepare a clear, concisely written report reflecting the results of the analysis, analytic approach, <br /> methodologies, and key assumptions. This report will be suitable for decision makers, stakeholders and <br /> the general public. <br /> 1.6 <br /> Page 8 <br />