FUNDING SHORTFALL
What started as a $5 billion project has more than doubled to $12+ billion and at least another $3.5 billion must be found. A minimum of another decade is needed to complete. Read all about the growing cost of obsolete transit here.
CLICK HERE TO READ THE BLOOMBERG NEWS STORY
“We are told it will reduce traffic by one percent.
To spend $10 billion to reduce it by that little, does that make sense?
If you’re asking me, no, it doesn’t. There’s something wrong here.”
– Former City Councilwoman Ann Kobayashi
no where to turn
There are currently no viable funding options to close the shortfall and no guarantee that it will not grow in the next decade if HART is given the green light to continue to Ala Moana Center.
Ceiling of Debt
The City & County of Honolulu’s has nearly reached its debt service limit that it can’t exceed by law. The County is nearly maxed out.
Feds are Out
The Federal Transportation Administration (FTA) will likely not contribute further. National and international headlines have called Honolulu rail the most expensive project of its kind per capita.
no friends in Congress
Our Congressional delegation has declared that they will not lobby for any additional funding. They’re over it too.
T.A.T isn’t the ticket
The Transient Accommodation Tax that’s tacked on to your staycation and tourist travel is not a silver bullet. It will likely produce a meager $25 million annually.
10 more of G.E.T then gone
The one-half of 1 percent sales tax that’s added to everything you buy including your groceries, rent, schooling and more will expire in 2031. Then what? Where will the funding come from?
who’s on board
Ridership projections were done in 2008 for 2018. Rail ridership that connects suburban communities with urban centers nationwide has faltered.
ready. set. stop.
Annual operations and maintenance costs is estimated at $125+ million. Oahu’s families will subsidize and inherit ongoing debt it no matter how many people ride as tickets sales will cover just a fraction of the cost.
Property Taxes May Rise
With sales tax and staycation taxes raised, your property taxes will likely be next. Property taxes will hurt homeowners. Landlords will pass the costs along to their tenants. We’ll all pay.
