More private backing for light rail plan in Detroit
Back in December, it seemed a 3-mile light rail project in Detroit along Woodward Avenue was put on the scrap heap when U.S. Transportation Secretary Ray LaHood raised doubts that Detroit could pay the operating costs for the proposed line.
In discussions, Detroit Mayor Bing, Gov. Snyder, and LaHood opted for a rapid bus system instead.
But as Michigan Radio's Sarah Cwiek has been reporting, private investors who were backing the light rail project pushed back on the bus idea.
Now the Detroit Free Press reports the M-1 Rail Group says they'll put up the money to run the system for the first 10 years.
The M-1 Rail Group outlined the details in a report it has sent to the federal government. The group of private investors and philanthropic groups behind the effort said they would commit to paying the estimated $5.1 million annual cost of operating the Woodward rail line through 2025.
After the first ten years, the group says they would donate the system "to the appropriate agency, such as a regional transit authority that Gov. Rick Snyder and the Legislature are working to create for southeast Michigan..."