Photo by Sommer Mathis

In a lightning fast reversal, D.C. Council Chairman Vincent Gray introduced an amendment Wednesday afternoon restoring $47 million in funding for the city’s streetcar project. The measure passed mere hours after Gray pushed through a budget proposal that stripped $49 million from the streetcar plan.

“What a splendid relief this is,” said Jim Graham (D-Ward 1), who chairs the transportation committee. “All’s well that ends well.”

Streetcar proponents on the council were visibly relieved, though others professed shock at being told that so much money had been located so quickly in light of the more than half-billion dollar budget gap that had to be bridged.

“I’m a little flummoxed by the discovery of $47 million in the space of an hour,” said Muriel Bowser (D-Ward 4).

Roughly $10 million will be allocated immediately, as part of the 2010 budget, toward the purchase of new streetcars. Another $37 million will be placed in reserve within the 2011 budget, which means further action will be required before it can be spent.

Shortly after the initial cut was approved, Gray released a statement reiterating his commitment to streetcars while at the same time expanding on his reservations about the plans as they currently exist. But following a flurry of angry emails, phone calls and tweets responding to the cuts, which would have delayed the launch of the streetcars by at least two years, Gray returned to the dais with a changed tune. The restored funding would allow “the administration to move forward with the purchase of the three cars,” Gray said.