Transbay project in $300 million hole

By Michael Cabanatuan : sfgate – excerpt

San Francisco’s Transbay Transit Center, the so-called Grand Central station of the West that’s now just a deep hole in the ground, will cost $300 million more than anticipated, Bay Area transportation officials were told Wednesday.
And that financial hole could grow deeper, cautioned Steve Heminger, executive director of the Metropolitan Transportation Commission, the Bay Area transportation planning and financing agency.
“We may not have seen the end of it,” he said. “This is a very costly project.”…

Funding elusive
To cover the hefty cost increase, Heminger said, the authority will use some of the money that had been dedicated to the second phase of the project – the downtown extension that would carry trains from Fourth and King streets to the Transbay center. That portion of the project had never been fully funded, and is a key Bay Area project competing for major federal funding. But the soaring cost of the first phase means it will be an even bigger challenge to find the funding to lay rails to the new transit center… (more)

San Francisco is the city that knows how to spend.
Now it needs to figure out how to pay.

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