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<br />ladder fire-trucks but if it did, the wires would be taken down and the Trolley Co would <br />replace them. <br /> <br /> What happens if twenty to thirty years down the road and it doesn’t work, how would <br />removal of the tracks be funded? Mr. Campion said it hasn’t happened in modern <br />times. He said the Financial Management Oversight consultant, FMO, have <br />thoroughly looked at the funding and found that there is no projection of not having <br />enough money to operate the system. Mr. Campion said the TDD had a thirteen and a <br />half percent increase in sales tax revenue from 2010 to 2011. He said this revenue <br />will keep increasing with expected new development. Mr. Campion said the fare box <br />revenue was estimated at $300,000 a day. <br /> <br /> If the tracks would need to come out, would there be funds in the TDD. He said if <br />there was an over-run the TDD would float a revenue bond to fund it. This could be <br />put in the Memorandum of Agreement (MOA). <br />Councilmember Glickert <br /> <br /> Was the only change since the last meeting in June that the track system going to <br />single track starting at Mehlville going west stopping just past Kingsland? Mr. <br />Campion agreed. He said the Limit station change was put in to reflect Washington <br />University’s intent to put in 300 housing units. <br /> <br /> Has there been discussion on cannibalization on Delmar if this project does take affect <br />and will it dilute some of the success the Loop area is having. Joe Edwards said a lot <br />of IT types of businesses are predicted along with cultural expansion and possibly a <br />grocery store, all of which are not in the area now. <br /> <br /> Of the five entities in the TDD, does each have one vote and is each responsible for <br />20 percent of the cost. Mr. Campion said they each had one vote but are not <br />responsible for 20 percent of the cost. He said the TDD entity itself would be 100 <br />percent responsible. <br /> <br /> How can anyone get the environmental study? Would like it posted on the City’s <br />website. Mr. Campion said it can be found on looptrolley.org website. <br />Councilmember Price <br /> <br /> What interest does the City have on the front end of the project? City Manager Mr. <br />Walker stated the City Attorney is working on the background agreements. City <br />Attorney Mr. Martin said the concept of the trolley has been discussed and dealt with <br />in favor of past Councils and at this point under the TDD law the City has approval <br />authority over the construction plans and specifications. Once they are ready to go, <br />the city will be involved in it. <br /> <br />CITIZEN COMMENTS <br />Jan Adams, 7150 Cambridge <br />Ms. Adams passed out an article from the New York Times dated June 2012, titled “With No <br />Vote, Taxpayers Stuck with Tab on Bonds.” She was concerned about the financial and legal <br />liability of the trolley project. In her statement she addressed Council except excluded Ms. <br />Carr because of previous statements Ms. Carr made. Ms. Adams stated that Ms. Carr’s <br />statements showed that she was already in favor of the project and also she did not need Ms. <br />Carr to hold her hand through the remainder of the project. Ms. Adams stated she was <br />opposed to the City accepting any responsibility for subsidizing this enterprise with any tax <br />dollars other than the sales tax revenue. She said there should be an indemnification <br />agreement so the City would be held harmless if any injuries or damages occur as a result of <br />construction or operation of the trolley. Ms. Adams asked the City to hire special counsel to <br /> <br /> 3 <br /> <br />