The major funding source for the $51 million Loop Trolley project is a $25 million Federal Transit Administration (FTA) Urban Circulator Grant. The Loop Trolley is one of only five proposed projects out of 65 nationwide to receive the FTA grant.
FTA Urban Circulator Grants fund transportation systems, such as streetcars, that connect urban destinations and foster redevelopment of urban spaces into walkable, mixed-use, high-density environments.
In addition to the FTA grant, other funding sources include federal Congestion Mitigation & Air Quality Improvement Program (CMAQ) and Surface Transportation Program (STP) grants; proceeds from the Loop Trolley Transportation Development District; TIF and New Market Tax Credits; and donations. Funding for this project also is provided by Great Rivers Greenway District.
The cost to build the Loop Trolley is much lower per mile of track ($17 million for 3 miles of track) than any other recent trolley project — Cincinnati $36.7 million, Tucson $28.3 million, Kansas City $25.3 million and Portland $22.4 million.
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