ANN ARBOR, MI -- Local leaders on Wednesday discussed plans for a potentially $500-$700 million light rail system connecting Ann Arbor's busiest areas.

That includes the downtown and the University of Michigan's Central Campus, North Campus and Medical Center.

It also would go out Plymouth Road to a new Plymouth and Green park-and-ride lot, and eventually, as part of a future phase, extend south to Briarwood Mall.

"The Connector offers a transformative opportunity for the community and campuses by providing better transit access to downtown, important U-M destinations and job centers, and reducing dependence on adding more parking in core areas," Sue Gott, university planner, said in a statement.

The general idea for the Ann Arbor Connector has been around for years and has been the subject of much discussion and study, but now the vision is taking shape, and there's momentum around the idea of light rail.

Officials from the city, university, Ann Arbor Area Transportation Authority and Downtown Development Authority gathered on U-M's campus on Wednesday to announce new details about the project, including the recommended mode of transportation, cost estimates, and route information.

The proposed light rail system would go in a dedicated lane, embedded largely into existing roads.

The service is estimated to be 43 percent faster than standard buses, while increasing capacity by an estimated 52 percent.

It's estimated to increase systemwide operating costs -- both the AAATA and U-M bus systems combined -- by 8 percent.

It's believed the Connector could be fully powered by renewable energy, largely hydroelectric.

Officials emphasize the project is still in the early planning stages, and they're seeking public support.

They say it would require an estimated $500-$700 million in capital costs, paid for by a combination of federal and state dollars, the university, public-private partnerships, fares, local funding sources and innovative funding strategies.

If the project is approved to move forward and funded, it's still an estimated six to 12 years away from being operational.

There will be a public meeting to discuss the proposed light rail system from 11 a.m. to 1 p.m. March 24 at the downtown Ann Arbor library on Fifth Avenue, with another from 6-8 p.m. at the Traverwood Branch Library the same day.

"The Connector is a critical component of our Master Plan, which guides our efforts to achieve a sustainable transportation network that gets people where they want to go," Mayor Christopher Taylor said in a statement. "The positive economic, environmental and quality-of-life impacts of the Connector will benefit Ann Arbor residents, businesses and visitors alike. I am excited to continue our robust community engagement and to help make the Connector a reality."

DDA Director Susan Pollay said the Connector is a cutting-edge solution to the issues facing a thriving city, including traffic congestion and parking demand.

The stated purpose is to provide faster, more reliable, more comfortable and sustainable transportation to an estimated 30,000-plus daily riders.

Officials note the proposed plan is the result of several years of studies, public outreach and continued cooperation between the project partners.

"As our community and its needs grow, the public transportation services that help connect people with jobs, school, appointments, shopping, and family and friends have also grown," said AAATA CEO Matt Carpenter.

Carpenter said the Connector would offer an additional, reliable option with increased capacity and speed.

Ryan Stanton covers the city beat for The Ann Arbor News. Reach him at ryanstanton@mlive.com.