United States Senator Brian Schatz (Hawaii) met with members of the Federal Transit Administration to discuss the effects of sequestration on the Honolulu Rail Project. Peter Rogoff, Federal Transit Administrator, informed Schatz that sequestration could result in a reduction in federal funding in 2013. However, the FTA stated that they still plan to honor their commitment of $1.55 billion over the next six year. Any money lost in 2013 would be made up by the FTA in subsequent years. Schatz stated that the FTA is “fully committed to the project and fully committed to fully funding it. I am more convinced than ever that this project is going to happen. It’s important to remember that there has never been a full funding grant agreement that has never been honored completely by the FTA.”
The City of Honolulu had expected a total of $250 million from the Federal Transit Administration for the rail project in 2013. Senator Schatz added that it is too early to tell even if this year’s funding would be cut or how much those cuts would be. Chief Executive Officer for the Honolulu Authority for Rapid Transportation, Dan Grabauskas, stated, “We could weather a 5 percent cut in this fiscal year and still stay on schedule and on budget. Nobody knows where Congress will be tomorrow. At this critical time we’re fortunate Sen. Schatz was able to meet with Rogoff ahead of some tough decisions from the FTA.”
Source: Honolulu Star Advertiser, 3-20-2013, 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
