DENVER-
Faced with a cost overrun of $1.5 billion, the Regional Transportation District has proposed selling bonds, asking for more federal aid and farming out some of the work to private companies for new lines to the east and west.
Cal Marsella, general manager, blames the higher cost on the rising cost of construction materials and design changes, The Denver Post reported.
During a Saturday board meeting, the agency heard a proposal to sell $3.2 billion in bonds, $800 million more than initially planned. It also needs to seek $400 million more from the federal government.
“No one could have foreseen this coming,” said Marsella.
He said it is hoped RTD can save up to $670 million by giving some of the work to private companies, who can finance the work themselves.
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Information from: The Denver Post,
