HONOLULU — Unless the Honolulu Authority for Rapid Transportation takes immediate action, the cost of its rail transit project could rise between $550 million to $700 million, Pacific Business News reported.
Dan Grabauskas, HART’s executive director/CEO blames higher construction costs, as well as the costs associated with legal delays and other factors, for the potential increase.
Among other measures, HART says that discussions should move forward on whether to extend the City and County of Honolulu's General Excise Tax surcharge, which is paying for 70% of the project. HART also is looking at an "improved borrowing plan" that would save up to $75 million, as well looking for alternative sources of revenue, including public-private partnerships. For the full story, click here.