Business life: My finance news blog

The Broward County Commission is expected to vote Tuesday morning on whether to approve funding for a $150 million streetcar system that would replace its Sun Trolley buses by 2012.

The commission’s vote is the last step needed to move the project from the planning stages to reality.

The Downtown Development Authority of Fort Lauderdale is planning the project – dubbed the Wave – which it projects would increase ridership to 6,000 a day, up from about 100 riders who now use the Sun Trolley’s downtown routes.

The proposed route would cover about 2.7 miles with double tracks.

Funding would come from a mix of local, state and federal dollars. In April, Fort Lauderdale city commissioners voted to contribute $10.5 million to construction costs payday loan cash advances. The state has budgeted an additional $37.5 million. The federal government would put in $75 million, and the remaining $27 million would come from special assessments on downtown residents and businesses, which would be spread over 30 years.

Although the county would not contribute to the initial cost, it would serve as owner-operator for 20 years and would assume annual operating costs, which are estimated at between $2.2 million and $2.5 million.

If county commissioners approve the project, it will move to the next level, which includes applying for federal money.

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