You left out the biggest cost overrun - GoTriangle added $935 million in debt which in turn added over $900 million in interest - all payable by Orange and Durham. So the net effect is instead of 25% of $1.4 billion, local citizens will be paying 55% of $3.3 billion - or $1.9 billion.
The Durham-Wake Commuter Rail is NOT funded. Neither is the MLK BRT in Chapel Hill. Oh and planned bus hour expansions have been cut.
So if you cannot afford to live along the corridor and you're not going to Durham or UNC, you'll need a car.
The $240 million assumes that the state funds at the maximum 10% - and is the tip of the iceberg.
The project is now estimated to cost over $2 billion - and its still in planning stages. If the counties assume 40% (or more) of the risk, what is their risk for project overruns? 40% or more? Oh - and we wont see the first train before 2028 - when we're going to need a lot more service than a train running between Duke and UNC.
Increased financing costs (interest expense) are likely to be in the tens of millions. That's because the feds have slowed their reimbursement rates -and GoTriangle doesn't have a credit rating. Then there's inflation - and all signs are pointing to higher interest rates in the future. Don't forget compounding.
Thanks to Mr Reece and others who are genuinely concerned about the future and want to bring robust, high quality transportation Durham and Orange County. Shame on those who continue to represent that DOLRT is an alternative to roads and congestion. With all the park n rides and at-grade crossings in downtown, DOLRT is likely to make things a lot worse. A transit-oriented community needs a lot more than an expensive train in 2028.
Wake County will have 140 miles of high speed/high frequency transportation throughout the county, long before the first DOLRT train leaves the station. Here's what Wake is planning. Worth considering.
As a strong supporter of the new Wake plan, I'm disappointed that Paul blames the republicans for the decision to not pursue LRT. If I remember correctly, the independent consultants, hired by the democrats, recommended bus rapid transit as a more flexible and cost effective alternative.
If voters say "yes", Wake will have countywide transportation before Durham and Orange residents get to ride on a LRT that connects UNC with Durham, and leaves commuters in the dust.
Its disappointing that elected officials continue to endorse a plan that fails to deliver on the promise of regional transportation. What happened to basic common sense? Wake figured it out quickly. Why cant Durham? or Orange?
Regardless of how you feel about LRT, the money just isn;t there. So what's Plan B?
Fresh ideas are essential to progressive journalism - Bravo to the new team - it feels like the old Indy is resurging. Maybe we can once again count on the Indy for quality, substantive reporting. Particularly impressed with the work of David Hudnall - a beacon of light in a world of mostly content-free news.
Chuck - in other words " don't confuse me with the facts". If you were current on the GoTriangle reports, you'd know that route changes and other developments make the routes slower and less frequent and even less desirable. Alston Ave is out, and BRT is not just cheaper - its faster, more convenient and can be in place a lot sooner.
Transit dependent communities throughout Orange and Durham who get no benefit from DOLRT are beginning to rise up - finally. No one is talking about the safety issues introduced by trains at grade in durham and along 54.
I don't live anywhere near the corridor and am happy to pay higher taxes for public transportation. My concern is that while LRT may work in some places, for our communities, the DOLRT is environmentally, fiscally and morally regressive.
I for one am thrilled that the Indy finally got it right - and threw away GoTriangle's talking points in favor of investigative journalism on the real impacts of light rail. Maybe elected leaders will notice.
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