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Yesterday, Honolulu Mayor Mufi Hannemann announced the Federal Transit Administration (FTA) has approved a final environmental impact statement (EIS) for the Honolulu Rail Transit project.

The EIS estimates the proposed elevated light-rail line will average weekday ridership of 116,300, reduce traffic delays 18 percent and eliminate 40,000 vehicles from highways by 2030.

The FTA has appropriated $55 million for the $5 billion project and expects to fund a total of about $1.5 billion. A one-half percent general excise and use tax that Honolulu created in 2007 — and which expires in 2022 — is expected to generate about $3.5 billion for light-rail construction and rail operations.

Last year, the city awarded a design-build contract to Kiewit Pacific Co. for an initial 6.5-mile segment between Kapolei and Pearl Highlands. Honolulu plans to launch light-rail service on the first leg of the route in 2012 and open the entire 20-mile line between East Kapolei and Ala Moana in 2019.