The City of Honolulu has stated that they have set aside approximately $865 million to cover unexpected costs related to the $5.37 billion rail project. Last year about $30 million of that money had been spent to cover change orders and a request had been made to spend another $58.2 million in the coming months for undisclosed costs. This rapid spending has many opponents of the rail project extremely nervous that the project will cost even more then anticipated. Executive Director for the Honolulu Authority for Rapid Transportation, Daniel Grabauskas, stated that the public should not be concerned and that this spending was not unusual but declined to comment where the new $58.2 millions was going to, Grabauskas added, “Because we are in negotiations with contractors over possible change orders, we cannot give specific breakdowns of those figures at this time.”
Source: Honolulu Star Advertiser, 6-17-2012, 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
