Financial Plan Assessment, Feasibility and Fiscal Implications of the Honolulu Rail Transit Project
prepared by Infrastructure Management Group, Inc. in conjunction with the Land Use and Economic Consulting Group of CB Richard Ellis and Thomas A. Rubin

1. Study Overview
The Honolulu High Capacity Rail Transit Project is one of the largest proposed transit projects in the country. Its budget dwarfs the New York Second Avenue Subway Phase I and the Washington Dulles Corridor Metrorail Project. Of the 43 projects listed in the Federal Transit Administration’s (“FTA’s”) Annual Report on Funding Recommendations, the only projects with larger dollar values are the New York Long Island Rail Road East Side Access and the New Jersey Access to the Region’s Core, which was recently canceled by the New Jersey governor due to its cost overruns.

In light of Honolulu project’s size compared to the population served by it, Governor Linda Lingle requested that the Hawaii Department of Transportation procure an independent financial review.  Infrastructure Management Group, Inc. (“IMG”), in conjunction with the Land Use and Economic Consulting Group of CB Richard Ellis (“CBRE”) and Thomas A. Rubin (together, the "IMG Team”) was tasked by the Hawaii Department of Transportation to evaluate the rail project’s financial plan, including revenues and costs, the post-rail operating plan, and the fiscal implications for Honolulu.

In addition, the IMG Team examined the financial performance history of other relevant transit rail projects relevant to Honolulu’s plans. The diagram below summarizes the analytic process.

FULL TEXT: http://www.honolulutraffic.com/Final_Report_Honolulu_Rail_Transit_Financial_Plan.pdf

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