The Honolulu Authority for Rapid Transportation will receive nearly $47 million in
General Excise and Use Tax (GET) revenue collected during the second quarter of
2012.
The $46.99 million collected from April-June 2012 brings the total GET revenue
received for the Honolulu rail project to $905.72 million.
“Passing the $900 million mark in GET-generated revenue shows that the financial
picture for our rail project remains strong,” said HART CEO and Executive Director
Dan Grabauskas.
“Our solid local funding source positions us well with the federal
Transit Administration as we wait for word on the approval of our $1.55 billion in
federal money through the Full Funding Grant Agreement.”
The half-percent GET surcharge dedicated only to the Honolulu rail system began in
January 2007 and is set to expire at the end of 2022. The surcharge is estimated to
fund nearly 70 percent of the project’s cost, with the remaining balance to be paid
for by federal funding.
Commentary: Here's a link with additional information to this story
Commentary: It will be really interesting seeing whether this rail project will really make a difference in terms of reducing daily traffic congestion going to and from downtown Honolulu. Trains have made a difference in larger cities, however, it hasn't reduced the amount of daily traffic that travel on the freeways. Only time will tell whether this rail project truly makes a difference or becomes an eye sore in the event things do turn out as planned.
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