Preliminary approval has been given by a Honolulu City Council committee for Bill 37, which will allow transit officials to borrow up to $450 million for the Honolulu Rail Project as a reserve if there were any unexpected events such as a cost increase or funding shortfall. According to the Honolulu Authority for Rapid Transit, the Federal Transit Administration would not commit to $1.55 billion in federal funding unless the city could offer this safety net. Not all of the City Council committee members supported this proposal and suggestions were made to reduce the emergency loan to only $100 million. Bill 37 will go to a full vote in the next few weeks.
Source: Honolulu Star Advertiser, 5-1-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
