This site is protected by reCAPTCHA and the Google
Terms of Service apply.
Honolulu Authority for Rapid Transit's (HART) rail project could cost at least $500 million more than originally budgeted, according to a financial plan unveiled at last week's board meeting.HART officials blamed the $5.26 billion project's rising costs on lagging tax revenue, increasing construction costs and project delays. HART Executive Director and Chief Executive Officer Dan Grabauskas unveiled a 10-point plan to address the financial challenges."We want to be transparent and let the public know early on what some of our financial challenges are," said Grabauskas in a prepared statement. "Legal and delay costs have had a cumulative effect and pushed us into a tight construction market resulting in bids coming in significantly higher."One solution involves repackaging contract solicitations to further reduce scope and cost, and the pursuit of additional revenue sources, including public-private partnerships and other financing options, he said.The project involves constructing a 20-mile, 21-station Honolulu Rail Transit line that will transport riders to West Oahu, Pearl City, Aloha Stadium, Pearl Harbor Naval Base, Honolulu International Airport, downtown Honolulu and Ala Moana Center.