A major fundraising push will be launched early next year to raise the first $2 million of $21 million needed for the ambitious project.
The first step was building a terminus/museum in Mornington Park. The largest amount of funding, $15 million, was needed to build the tracks. Two information meetings were held yesterday afternoon at Otago Museum.
Under the project time line, the terminus would open in 2017, and the cable cars would operate in 2021.
The time frame disappointed one older member of the public, who called out: ''I'll be dead and gone'', but Mr Cole said careful staging was needed to ensure the project met its milestones.
Although it would be cheaper to source the cars from China or elsewhere overseas, three historically authentic cars would be built in Otago, with advice and support from Ferrymead Heritage Park, in Christchurch, and the San Francisco MUNI cable car operation. A fourth would be commissioned if needed.
Two original Mornington cable cars would be leased from Ferrymead, to be used only on special days. Using Otago firms to design and build the cable cars would promote the region's skills, and ensure enthusiasm.
''Believe it or not'', the project was garnering significant interest in San Francisco, which might even prove to be a source of funding, Mr Cole said.
Advances in technology allowed monitoring of things like cable wear but, largely, the cars would run as they used to.
Parking would not be affected.
The project would add to the rejuvenation already under way around the Exchange, and encourage development between there and the Octagon. The project was also a boost for Mornington.
Mr Cole was keen to dispel ''myths'' about the project, including claims the project did not have local support, that it would cause traffic disruption, that it would run into financial difficulties, that it was only for tourists, and that there was no destination.
The trust is yet to gain formal approval from the Dunedin City Council to use High St, but Mr Cole told the Otago Daily Times the council's attitude was supportive.
