Also, buses are easier to sell off when the town goes bankrupt.
Detroit Free Press excerpts: Feds not sold on Woodward light-rail project
June 5, 2012
http://www.freep.com/article/20120605/N ... |FRONTPAGE
Though they didn't say as much publicly, some of the city's most powerful business leaders hoped President Barack Obama's transportation chief would visit Detroit on Monday with funding in hand for the $137-million M-1 Rail proposal to run streetcars on Woodward from downtown to the New Center area.
Instead, U.S. Transportation Secretary Ray LaHood told backers of the project, assembled at Mayor Dave Bing's conference room, that the feds want more assurances about the long-term viability of the rail line before committing $40 million in federal grants and tax credits needed to move the project forward.
LaHood and Federal Transit Administrator Peter Rogoff gave M-1 Rail 60 days to answer federal concerns about the price of the project and how it will be managed after its first decade of operation.