Without question, one of last year's top news stories for our region was the resurgence of the once nearly flat-lined Red Line Regional Rail Project.

In almost Lazarus-like fashion, the $450 million-plus pipe dream over which many of its proponents and critics alike had all but performed Last Rites, rose from its bureaucratic deathbed and morphed into a combined commuter rail/freight project that had tongues wagging from here to Raleigh with news that it could be done through an innovative funding model that doesn't put the local taxpayer on the hook for the costs.

That model, presented last month to the elected officials and staff of the several municipalities along the proposed Charlotte-to-Mount Mourne corridor, would rely on tax revenues generated from new development along the 25-mile stretch. Transportation consultants told the group that those "value capture" revenues, derived through a combination of special assessment districts and tax increment financing, would not only cover the local half of the $452 million capital cost of the project over 30 years, but exceed it by $1 billion.

Yes, billion. With a "B."

Added to that was word from at least one investment firm that buys the types of industrial revenue bonds that would be floated to fund the Red Line, that the bonds would be well received in the market, and that the municipalities involved — Charlotte, Cornelius, Davidson, Huntersville, Mooresville and Iredell and Mecklenburg counties — would not be liable for any kind of payback.

Sounds almost too good to be true, but don't listen for the conductor's "all aboard" call just yet. A good bit of heavy lifting remains.

The Red Line Task Force along with all the affected jurisdictions must continue to scrub the project's complex financial details and convince all nine players in the Red Line (those mentioned above, plus the State of North Carolina and the Charlotte Area Transit Authority) to buy into creating a joint powers authority (JPA) that would do everything from create operating guidelines to approve contracts for the line.

To complicate matters, it's an all-or-nothing proposition. If just one of the nine entities decides not to play ball in the next few months, everything is derailed and the mourning can resume.

The Citizen's coverage of the Red Line project has been extensive over the last 18 months, but has focused primarily on the musings and machinations of different political bodies to either foil the project or bring it to fruition.

We now turn an ear to what the Lake Norman area business community has to say about the good, bad and ugly of the proposed commuter rail/freight project. Here is a selection of responses received from a variety of local business owners and leaders to a few Red Line-centric questions.

Citizen: First off, Red Line project: fan or foe, and why?

Robert McIntosh (The McIntosh Law Firm in Davidson): Neither. I am a local business owner and taxpayer who has to live within my means and make decisions that I will have to live with over time. I expect the same from my elected officials. I expect them to look objectively at the evidence and make decisions calculated to be 1) sustainable — economically, politically, environmentally and socially; 2) clearly and overwhelmingly successful and well thought out BEFORE any tax money is committed, and 3) ones that they are willing to commit to living with. To date, I have seen NOTHING that leads me to believe that the Red Line as proposed meets any of these criteria.

Brad Howard (President & Principal, Langtree Real Estate Group in Mooresville): So long as development is "paying its own way" with the special assessment financing option proposed, and working in partnership with the surrounding counties, municipalities and the transportation authority without directly impacting the "non-benefitting" taxpayers and citizens, I support it.

Kevin Mikeworth (Laura M. Mikeworth, CPA, P.A. in Huntersville): We are "friends," as our office is near a rail stop and in an industrial zone, which would have a very positive impact on our property value.

Joshua Dobi (Dobi Financial Group in Cornelius): It is too early for me to land on one side or the other at this point. There are significant questions that need to be addressed that surround not only the possibility of economic impact from the development of the Red Line, but also the "last line of defense" for the development costs. While there has been a presentation outlining how the cost elements will not be assessed directly to the local taxpayer, the funding would be coming at least in part from state and regional entities that are taxpayer funded.

Citizen: Regardless of your leanings, what is your confidence level that the Red Line will come to fruition?

McIntosh: I am fearful that it will come to fruition in a way NOT described above. I have no problem if it comes to fruition AS described above.

Howard: Very confident, if the benefited property owners sign on and the elected officials agree to let the property owners assess themselves to pay for the benefit.

Dobi: My confidence has changed significantly within the last 12 months. This project looked shelved just a short while ago, and now seems to have momentum on state, regional and local levels.

C: Aside from the project's complex funding plan, some local elected officials have also expressed concerns over the burden it could place on their respective towns' infrastructure. Is this a concern in the business community as well?

McIntosh: Absolutely. Local infrastructure is what supports the local businesses and economy. Restaurants cannot serve lunch to business employees if the roads and parking places are full of commuters. No one wants to live in communities that are next to failed, struggling rail lines or the buildings and development that does not happen correctly or is abandoned. No one wants to pay the inevitable bill that will follow if that scenario unfolds. How many half-completed and abandoned projects do north Meck, south Iredell need? It will fall to the businesses and their owners to pay for if it is not successful on its own. If it is successful, there are increased numbers of students to educate, parks needed for recreation, fire and police officers needed to respond to calls, etc. How will this impact our town budgets. Remember, the tax money generated by the new businesses is being used to pay for the train, not the increased burden on infrastructure.

Howard: Lack of infrastructure is a major deterrent to economic development and job creation. If I understand the plan correctly, the plan includes funding for infrastructure that is directly impacted by the Red Line Regional Rail Project, especially in the station area (transit oriented districts) and identifies adjacent infrastructure that is indirectly impacted in those same areas. Most of the indirect impacts were identified by the towns' planning staff and many are improvements that would have to be made regardless. Bringing the rail line may speed the timeline. It's something that towns need to consider and plan for over the construction period and beyond. Not all of the improvements need to be done on day one.

Dobi: It is an absolute concern. The scope of adjustment needed by each of the municipalities adjacent to the Red Line would be significant, but local businesses may also be affected by a different tax base in the Red Line's proximity as well. With that adjustment comes a difference in ability to attract/retain certain businesses. It is a pro/con question — one which needs to be explored thoroughly, including research into similar scenarios in other parts of the country if possible.

C: Assuming the several municipalities involved in the Red Line project reach an agreement and all the financial stars align to build it, what could its single greatest impact be — good or bad — on the Lake Norman business climate and economy?

Susan Johnson (Realtor and broker, Keller Williams Realty): From my perspective, I think it would be a tremendous benefit to the area, particularly from a real estate perspective. It will likely increase the number of people buying homes in the northern sectors who currently are unwilling to explore this area due to traffic congestion. With this Red Line in place, commuters will be able to go to one of the stations, park and ride rather than sit in their cars in gridlock. In addition, I imagine the Red Line will also lead to new communities, which would then bring in additional businesses to the area which further increases the overall income to the impacted towns.

McIntosh: Blight and financial strain that could stall development, decrease quality of life and bankrupt our business owners and communities (towns).

Howard: Jobs, jobs, jobs! The Red Line Rail Project has the potential to create 23,000 unique jobs, billions in investment and an improved quality of life.

Mikeworth: The impact will be huge — growth in both residential and business, increased tax base, better quality of living, and a better retirement for us when the time comes.

Dobi: From a planning standpoint, with primary obligations to our taxpayers, it would be wise to work toward the best-case scenario (increased local economic impact/real estate development, etc.), but ensure that if that does not come to fruition that the taxpayer is not burdened unnaturally with the financial responsibility for an asset that cannot meet its development obligations. If we do not do that, then the negative economic impact could be significant and long-lasting.