OMAHA- Omaha moved another step closer to the construction of a streetcar system with the City Council's approval of a funding proposal for the project.

Council members approved a redevelopment agreement that establishes guidelines for the project, including the use of up to $354 million in tax-increment financing. Approval came despite the lack of a final analysis of the proposed streetcar financial plan.

As announced by Omaha Mayor Jean Stothert in January, the proposed streetcar will operate along a 3-mile route using 5.5 track miles. The line will travel along Farnam and Harney Streets from 10th Street to 42nd Street and along 10th Street between Harney and Cass Streets.

Approval of the agreement is far from the final step needed before the city can break ground on the massive project. But it was an important step.

The agreement creates the TIF district that will generate the estimated $306 million needed to pay back the bonds that will cover the cost of constructing and launching the streetcar system.

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