The Obama administration announced a new round of Transportation Investment Generating Economic Recovery grants (known as TIGER VI) with an extremely short turn-around for submitting applications, they are due April 28th.
The City of Providence applied for a TIGER grant last year, RIDOT also submitted a bid for Apponaug which was supported by the Governor. The Apponaug project was awarded a TIGER grant, and while there isn’t direct competition built into the grant process per-say, it is thought that Providence’s streetcar bid lost out to Kansas City’s streetcar which had more secure funding in place at the time. Providence’s 2013 TIGER grant application included a funding plan, but unlike Kansas City’s successful application, steps had not yet been taken to implement that funding.
Capital costs for the project (costs incurred to build it) are estimated to be $117.8 million (2016 dollars). Funding will come from City TIF Bonds, Federal funds, Rhode Island Capital Plan funds, RIPTA CMAQ funds, and a RIDOT land transfer.
In the next month, Providence plans to work further toward implementation of funding by working with the Providence City Council Ordinance Committee to approve a TIF plan for the streetcar district. This funding represents 50% of the projected cost of the project and will be one of the sources for operations revenue after the project is complete.