HART puts finishing touches on rail recovery plan on eve of deadline

The Honolulu Authority for Rapid Transportation is putting the finishing touches on a recovery plan due Friday to the federal government.

The plan shows $2.4 billion from the recent special session state bailout, with the first installment of hotel tax expected for the train in the spring.

HART previewed the plan for the board Thursday.

“There’s so much debate on the reliability of that funding source. What’s your comfort level on that projection?” asked HART board member Wes Frysztacki.

“My comfort level is as good as… I could tell you in April when it comes in. If it hits $30 million, my comfort level is good for April,” replied HART CFO Robert Yu.

Half of the city’s $1.5 billion grant from the Federal Transit Administration is frozen unless and until federal officials approve the recovery plan and new financials.

Thursday also marked the first HART board meeting for new CEO Andrew Robbins, who started with the rail authority about a week ago.

Click here to view the latest HART cash-flow update with hotel tax, more bond borrowing, and other spending details.

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