It's madness! At least venture madness, as startups compete for funding.
Tucson Mulls Loan To Pay For Streetcar Project
TUCSON, Ariz. (AP) — Officials in Tucson are examining whether to take out a $13 million loan to bridge a funding gap in a project to build the city's new streetcar system.
The Arizona Daily Star reports that the bulk of the project's $197 million in costs are covered by federal grants and the Regional Transportation Administration. The city's share of costs was penciled in at $26 million, but officials had contended the city might not have to pony up any money for construction because of declining construction costs and potential grant money was available. The new grants never materialized, and costs did not sink far enough for the city to avoid paying.
Councilman Steve Kozachik was rankled by the possibility of taking out a loan.