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Originally Posted by electricron
Let's do the math of your reply, so everyone can see what happens when a project is underfunded.
Prop 1a in 2008 at that time pays 33% of Phase 1
Inflation since then has more than doubled the cost of Phase 1
Therefore Prop 1a actually only pays 16% of Phase 1.
Where did CHSR think the other 67%, now 84%, was going to come from?
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Federal funding and more state funding.
Quote:
Originally Posted by electricron
How many transit projects in the last 50 years, in both Democrat and Republican Administrations and Congress, has Uncle Sam paid 70%, 80%, 90%, or 100% of a transit project? ZERO!
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The original UMTA of 1964 established a 80/20 federal/local matching formula. Between the 1964 and 1970 acts, the federal government paid 80% of the construction cost of the Washington Metro, Miami Metrorail, Baltimore Subway, Baltimore light rail, Buffalo light rail subway, and various NYC subway improvements, including the Second Ave. subway sections that were abandoned in the late 1970s.
Quote:
Originally Posted by electricron
CHSR has been so underfunded by the State of California they are hard presses to fund just the IOS, about half the route of Phase 1.
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Yeah do the math on how cheaply they're getting roughly half of Phase 1 built - for less than the purple line expansion in Los Angeles.
Quote:
Originally Posted by electricron
Even NY and NJ will have to fund 50% of the new Gateway tunnels under the Hudson River. Why did CHSR think they could get away with less?
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Chris Christie scuttled that project 10 years ago after $250 million had been spent. Why? He's the same guy who put barrels out on the George Washington Bridge as political payback.
Refer to my first response - California has tons of money rolling in to fund more construction without any help from the feds. Unfortunately, Gov. Newsom chickened out two years ago since he smelled a recall challenge coming on.
Quote:
Originally Posted by electricron
Which is worse, not promising a pie in the sky project or promising an unfinished and unusable pie in the sky project?
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It's not pie-in-the-sky. California has banked $20 billion surpluses for several years in a row. It's in an outstanding financial position. It could easily sell bonds to fund completion of Phase 1 but they had to outlive the recall threat and are waiting to get as much federal money as they can.