Phase 1 of a project described as the "Grand Central Station of the West" has almost doubled in cost since 2008. Now San Francisco County Supervisors are considering a bailout of the project.
"San Francisco’s major Transbay transportation and development project has nearly doubled in cost since 2008, and The City is now poised to borrow hundreds of millions of dollars to offset the most recent negative financial blow," according to an article by Joshua Sabatini.
More specifically, the cost for the project has ballooned to $2.259 billion, according to a report by Budget Analyst Harvey Rose. The project's price tag in 2008 when construction began: $1.189 billion.
"To address the latest shortfall, The City has proposed issuing $260 million of certificates of participation, which would be paid back through the project area’s special tax district revenues," reports Sabatini.
Sabatini also notes that the bailout will borrow from Phase 2 of the project to save Phase 1. "It remains unclear how Phase 2 will be fully funded."
FULL STORY: SF to bail out Transbay project after costs nearly double
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