Originally published Tuesday, September 22, 2009 at 12:10 AM
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City bailout loan OK'd for South Lake Union streetcar
A $1.45 million bailout loan for the South Lake Union streetcar was approved Monday by the Seattle City Council.
A $1.45 million bailout loan for the South Lake Union streetcar was approved Monday by the Seattle City Council.
The vote brings the total streetcar loans since 2007 to $3.65 million, to be paid off by 2023.
The loans come from the city's "consolidated cash pool," excess funds invested short-to-medium term. The council will also consider selling ads on streetcar shelters or charging a streetcar-operations fee to businesses along the route.
The service, which started in December 2007, averages 1,500 riders per weekday, one-quarter of what a crosstown bus route carries.
The city assumes employment growth will triple use by 2012, and that advertising income will rebound from recession.
King County Metro Transit, which runs the city-owned line, takes over about three-fourths of its $2.4 million in yearly operating costs, starting this week.
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