MADISON, Wis. -- The latest streetcar study shows downtown trolleys could mean millions in redevelopment and thousands of new jobs.

VIDEO: Watch The Report | TALKBACK: Do You Like The Idea?

On Tuesday night, Madison's Streetcar Study Committee met for an update on the consultants latest findings, which included costs and payoff. Phase one of the streetcar system would cost $58,235,022, or about $15 million per trolley mile, WISC-TV reported.

Consultants said that the payoff for the system would be millions more. According to them, the redevelopment in the city over the next 20 years would be worth $100 million per trolley mile.

The consultants said that development wouldn't be cataclysmic, but more measured. The $100-million figure was figured by estimating 91 downtown properties being redeveloped at 100 percent or better, WISC-TV reported.

"What we got tonight was good news," said Mayor Dave Cieslewicz. "It underscores the value of a streetcar system for the city. It's a good leverage and a good value for the city."

Consultants also said that during the next 20 years, the city could add up to 9,600 jobs with a streetcar system in place, or up to 5,200 without streetcars.

"The streetcars are really intended to act as a circulator for people who are living downtown and doing activities downtown or for those who come out of the central city and want to get around downtown without having to get in their car for every one of those trips," said Transport 2020 project manager David Trowbridge.

The streetcar committee will meet again in June.

The mayor estimates the feasibility study should be wrapped up by the end of the summer. He said that he doesn't expect the project to go before the city council before next year.

However, there is light at the end of the tunnel. City and county officials have been talking and studying the need for improved rail transportation for 15 years. The commuter rail project will wrap up on Wednesday with the last Transport 2020 committee meeting, WISC-TV reported.

Dane County Executive Kathleen Falk said consultants will unveil the projects' cost, which she said is expected to be much less than the $58-million trolley cost.

The next step for the Transport 2020 would be to submit a lengthy report to the federal government in order to secure what they hope is 80 percent funding for the project. Officials said that they hope to have the report submitted by the end of the summer.

According to Falk, approval from the government would fund the preliminary engineering phase of the project.

Cieslewicz said that he still hopes to convince members of Transport 2020 to wait until the trolley study and Metro study are finished to submit a more comprehensive plan to the government.

"I don't think they'll get very far without the support of the city of Madison and mayor's office," said Cieslewicz. "I think, for the investment of another eight or nine months, we can do a whole lot in terms of getting the entire community behind a system-wide approach."

"I think he (mayor) is out of sync with what a majority in the community want and what we can afford," said Falk.

Falk said that there are no plans to wait for the city's trolley study. She also said combining the two projects could ultimately doom commuter rail altogether.

"There are limited dollars and a community isn't going to get federal funds most likely for two transportation systems," said Falk. "They're (the government) going to look at the one that serves the most people in the most cost-effective way."

Transport 2020 will meet Wednesday night at the Municipal Building, room 300 at 5 p.m. There will be a public information session at Monona Terrace on Thursday, May 3, at 5 p.m.

Some critics of both plans said that they will be in attendance as well.

"I'm opposed to the light rail system as well as the streetcar system just based on common sense," said one opponent. "This is the single most financially irresponsible expenditure ever proposed in the city of Madison."

Stay tuned to WISC-TV and Channel 3000 for continuing coverage.