Voters Approve Tax To Help Fund $125M LA Streetcar Project

Law360, Los Angeles (December 5, 2012, 6:52 PM EST) -- Residents of downtown Los Angeles overwhelmingly approved a special property tax to help fund a $125 million streetcar project that proponents said will spur an additional $1.1 billion in development by making the area more accessible to workers and tourists, city officials announced Monday.

Preliminary tallies from a special election showed 73 percent of voters were in favor of the new parcel tax, which is expected to raise $62.5 million of the project's construction budget. The ballot measure needed a two-thirds majority to pass.

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