Ding-dong the switch is dead. For now. The Triangle transit boosters say they have given up on convincing the feds to help fund their $880 million light rail plan. “Private investment” is now the watch-word. Keep watching on that, fellas.
Meanwhile, CATS’ train train dreams live on via the obscene Wachovia Arts Tower switcharoo. That deal will essentially allow car rental tax revenue to secure bonded debt for further train madness build-outs beyond the South Blvd. line. Cue evil laugh here.
As federal transit money dries up, also look for more and more inventive tax-increment financing plans to erupt in both locales. Developers who agree to build “transit oriented development” will get sweetheart land deals and property tax abatements. Debt will then be floated to pay for both infrastructure and transit lines. The transit lobby will not just give up.
Like Reese said about the Terminator, “It can’t be bargained with. It can’t be reasoned with. It doesn’t feel pity, or remorse, or fear. And it absolutely will not stop, ever, until you are dead.”
