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HART February 2016 Financial Status Update

HART CEO and Executive Director Dan Grabauskas answers community questions about rail transit.

QUESTION:

What are the major reasons the rail project’s costs have gone up?

DAN GRABAUSKAS:

The recent projected cost increases are due in part to lengthy legal challenges and other delays. The delays have resulted in HART calling for bids in a time of dramatically rising construction costs, some of the higheset in the nation. In addition, GET revenue forecast for the project is running behind by about $40 million, and HART has pledged not to use federal funds that have been going to TheBus, which has left us short another $210 million originally budgeted for the project. The extension of the GET surcharge by five years will help HART meet the projected shortfall.

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