The Honolulu Rail Project is expected to receive $63.8 million from revenue earned from the state's general excise tax during the third quarter of 2013. According to officials from the Honolulu Authority for Rapid Transportation, which is significantly higher then what was expected thanks to improving economic conditions in the state. Executive Director for HART, Dan Grabauskas, stated, "Strong GET surcharge revenue coupled with the $1.55 billion in federal funding that we secured last year is keeping us on the right track to deliver the project on budget." The project is expected to cost $5.26 billion in total, with the GET surcharge paying for 70 percent of the amount and federal funding paying for the remaining 30 percent. The rail project is expected to be completed in 2019.
Source: Honolulu Star Advertiser, 10-29-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
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