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Rail News: Passenger Rail
Honolulu agency files rail-project recovery plan with FTA
The Honolulu Authority for Rapid Transportation (HART) has submitted to the Federal Transit Administration (FTA) a "recovery plan" for its proposed 20-mile passenger-rail system, Pacific Business News reported yesterday.
The plan includes an updated financial plan for the project, which faces a $3 billion funding shortfall, according to the newspaper. The FTA previously asked HART to create a plan outlining how it will cover that shortfall.
The project's total cost is an estimated $8.16 billion. However, with financing charges of $858 million added in, the total cost would come to $9 billion, according to Pacific Business News.
Hawaii Gov. David Ige earlier this month signed a bill that extends the tax surcharge to pay for HART's rail project. The extended surcharge is expected to generate $2.4 billion in funding for the project.
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