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The city of Los Angeles, through its Administrative Officer, has launched a request for proposals (RFP) for independent financial advisory services for the city's $260 million downtown streetcar project.
The preferred bidder will assist the city with the assessment, development and implementation of a potential public, private partnership (PPP) or alternative funding strategy for the proposed project.
According to sources, the L.A. streetcar would run along parts of First, Broadway, Eleventh, Figueroa, Seventh, and Hill to complete a 3.8-mile route.
The city has plans to launch a request for proposals (RFP), which is expected to take the form of either a design, build, finance, operate and maintain (DBFOM) or a design, build, operate and maintain (DBOM) agreement.
The total project investment is estimated at about US$260 million. Up to US$75 million could come from a Federal Transit Administration (FTA) grant and US$10 million could come from the defunct Community Redevelopment Agency. In addition US$85 million have been secured through a tax on property owners within a zone along the streetcar route, approved by a vote among those potentially affected.
According to an AECOM's report, the streetcar would bring US$1.6 billion in new development and US$303 million in new tax revenue over the 30 years following construction.
A request for information (RFI) for the project was launched in September 2014. Later in January this year we reported that the city of Los Angeles received 24 responses to the RFI. The responses had been submitted by firms based in 19 cities in four different countries.
Interested parties must submit their proposals for independent financial advisory services for the project on or before 24 July 2015.
See RFP announcement: