Transportation plan gets new cost estimate
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Mayor Freddie O'Connell's transportation improvement program will require $6.93 billion in total tax revenue in its first 15 years, according to an independent accountant's report released Thursday.
Why it matters: The city's legal department is fine-tuning the referendum language that will appear on the ballot and deciding whether to include that estimate, according to a mayor's office spokesperson.
- Metro Council approval is required before the measure is sent to the Davidson County Election Commission for review.
What we're watching: The failed 2018 transit referendum ballot language included that estimate, plus two more figures: the construction costs and annual recurring costs once the project is complete. It's unclear if this year's ballot measure will also disclose all three numbers to voters.
- According to the finance department, the annual recurring cost of O'Connell's transportation improvement proposal is $111 million.
- The administration said last month that funding construction would cost $3.1 billion.
Zoom in: The $6.93 billion encompasses the construction costs plus operating costs, financing expenses and the reserves, according to the mayor's office.
What he's saying: "While this estimate uses nearly the same methodology, comparing it to 2018 has little utility because the underlying projects are different," Metro finance director Kevin Crumbo said in a statement.
Catch up quick: O'Connell proposes to raise the city's sales tax by half a cent to pay for expanded bus service, including bus rapid transit on busy roads, modernized traffic signals and more sidewalks. O'Connell is also proposing new transit hubs and park-and-ride facilities.
- The city expects to use state and federal grants to help pay for the plan.
- He says the proposal will ease congestion and improve people's quality of life.