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8.B. - Page 67 of 70 <br />Redwood City Broadway Streetcar/Urban Circulator Study <br />Summary Report <br />that the benefits of a bus -based option would be less than <br />those of a streetcar. The main reason for this is that real- <br />estate investors and businesses are more likely to be willing <br />to commit their funds when they view the transportation <br />investments in the area to be permanent and long term in <br />nature, which would be characteristic of a streetcar, but not <br />so much for a bus -based system. The magnitude of the <br />difference, however, is hard to quantify. <br />While a successful streetcar project would result in tangible <br />economic and financial benefits to the City, special actions <br />would be needed to be able to channel some of these benefits <br />so that they could help offset the costs of the transit project. <br />Typically, this could be done by special taxes or fees, or by <br />benefit -based property or business assessment as discussed <br />in the funding section. <br />Best Practices <br />This study included research on the best practices for <br />implementing either a streetcar or bus -based urban <br />circulator system. A summary of the findings is provided <br />here. <br />Portland Streetcar <br />Streetcars <br />Cities that have implemented streetcars typically experience <br />the following: <br />■ Increased transit ridership <br />■ Economic benefits <br />■ Increased density of development <br />■ Improved mobility and transit accessibility <br />The magnitude of these benefits varies greatly from one city <br />to the next. Not all streetcars are successful. Success factors <br />include: <br />Smith <br />610 <br />