Federal $1.55 billion rail funding signed into agreement
Hawaii politicians joined U.S. Transportation Secretary Ray LaHood Wednesday as a funding agreement for $1.55 billion was signed to help fund Oahu's rail transit project.
The actual agreement was signed by Federal Transit Administration (FTA) Administrator Peter Rogoff, which sealed the federal monetary commitment.
The 20-mile rail line will include 21 rail stations that run along Oahu's south shore from West Oahu to Ala Moana Center. The project is estimated to generate as many as 10,000 jobs during construction.
The total cost of the project is estimated at $5.1 billion, with 65% of that money (roughly $3.358 billion) coming from local taxpayers through a half percent general excise tax surcharge.
We'll have more on the press conference from Washington D.C. on KITV 4 news at 5 p.m., 6 p.m and 10 p.m.
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