Honolulu agency files rail-project recovery plan with FTA

The Honolulu Authority for Rapid Transportation (HART) has submitted to the Federal Transit Administration (FTA) a "recovery plan" for its proposed 20-mile passenger-rail system, Pacific Business News reported yesterday.

The plan includes an updated financial plan for the project, which faces a $3 billion funding shortfall, according to the newspaper. The FTA previously asked HART to create a plan outlining how it will cover that shortfall.

The project's total cost is an estimated $8.16 billion. However, with financing charges of $858 million added in, the total cost would come to $9 billion, according to Pacific Business News.

Hawaii Gov. David Ige earlier this month signed a bill that extends the tax surcharge to pay for HART's rail project. The extended surcharge is expected to generate $2.4 billion in funding for the project.