There's been talk about LA's only funicular reopening, but there seems to be more important projects to spend money on. I've never been on Angels Flight but it seems to serve a purpose as a piece of history.
The "B.P.O.E." written on the arch stands for the Benevolent and Protective Order of Elks. It was to commemorate the Elks' national convention held in Los Angeles in 1909. Wouldn't you had loved to be a fly on the wall at that convention?