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Saturday, January 3, 2015

City Council Still Supports Rail Project But Wants More Oversight

The Honolulu City Council has stated that they still fully back the Honolulu Rail Project, but are demanding that more oversight be put into place, due to a recent announcement that the project will cost between $550 million to $750 million more than anticipated.  Ernie Martin, the council chairman, stated, "We are well aware of the financial challenges looming ahead, but this project is crucial for the future sustainability of Oahu." Martin added that the state's largest public works project must be done "in a fiscally responsible manner" and be completed by 2019, its scheduled completion date.  Martin commented, "Let's put it this way. The honeymoon is over. It's inevitable that we're going to do rail, but I think the general public's concern is to, wherever we can, curb some of that cost."

Opponents of the Honolulu Rail Project are concerned that the general excise tax surcharge may be extended beyond 2022 to pay for the increased costs.

Source: Honolulu Star Advertiser, 1-3-2015,
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC