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10/15/2001



Rail News: Passenger Rail

GCRTA board to consider financial, physical growth


Greater Cleveland Regional Transit Authority’s board plans to meet Oct. 16 and consider several resolutions to position RTA for future growth.



The board might authorize the general manager to develop a sale-and-leaseback plan for RTA assets, which could generate at least $12 million in new revenue. CIBC World Markets Inc. has been recommended for lessee advisor services. The board also will consider hiring A.G. Edwards & Sons Inc. to provide underwriting services for a future debt issuance. Fees for such services would not exceed $144,000.



Other resolutions involve hiring Lebis Enterprises Inc. to demolish the former Freedom Church building on Euclid Avenue for $42,300, and hiring Schirmer Construction to replace sidewalks at Cedar/University Red Line station for $138,800.



Finally, the board plans to consider awarding R.L. Bowen and Associates a $218,000 contract for final design architecture/engineering services for the North Olmsted Transit Center near the intersection of Interstate-480 and Columbia Road.


Contact Progressive Railroading editorial staff.

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