Friday, June 29, 2012
City Submits Request for $1.55 Billion in Federal Funds, Plus: Another Look at Yesterday’s Post
Of all the rail “milestones,” this one may be the biggest.
The City has submitted its application to the Federal Transit Administration for a Full Funding Grant Agreement to complete work on the 20-mile elevated rail line between East Kapolei and Ala Moana Center. If fully funded, the federal government will provide $1.55 billion for the project.
The Star-Advertiser’s Kevin Dayton has a comprehensive story (subscription required) in today’s paper that covers several significant pieces of news, including the FFGA application.
Michael Levine’s story in Civil Beat may be more accessible.
The above chart is from Levine's story. Both are recommended reading for the clarity in describing the project and its financing. The Honolulu Authority for Rapid Transportation’s press release also is online.
The estimated completion date for the first phase of the project is now mid-2016. The push-back was caused largely to delays in completing the Final Environmental Impact Statement.
Also, the revised financial plan includes the FTA’s higher collection estimate for the general excise tax surcharge of 0.5 percent on Oahu transactions that is providing the local share of rail’s construction costs.
We called yesterday’s Yes2Rail post perhaps the most important one in this space over the past four years. It focused on the “traffic reduction” issue within the rail discussion that seems to be on the front burner this summer.
You’re encouraged to keep reading, below, if you didn’t see it yesterday.