The gap between the estimated cost to finish the entire FasTracks transit plan by 2017 and revenues that RTD expects to have to cover that cost has grown by another $100 million, agency directors were told Tuesday night.
Last summer, the Regional Transportation District looked at soaring construction-material costs and estimated it would take $7.9 billion to build six new FasTracks trains and other transit elements by the planned 2017 completion date.
At that time, the agency said it expected to have only $5.8 billion from sales taxes and other sources to build the project by the deadline, and closing the $2.1 billion gap might require an increase in the sales tax RTD collects in metro Denver.
At a meeting of RTD’s board Tuesday, general manager Cal Marsella said the new estimate for all of FasTracks by 2017 had dropped by $1 billion, to $6.9 billion, because of the decline in material costs. But a drop in sales-tax revenues means RTD expects to have only $4.7 billion to pay for the project.
A task force of the Metro Mayors Caucus is looking for ways to close the FasTracks funding gap — now $2.2 billion.
Adding another 0.4 percent sales tax in the metro area — a doubling of the existing FasTracks tax — would come up with enough revenue to fill the shortfall, Marsella told directors.
“The only real revenue generator” that will get close to filling the gap, Marsella said, “is a sales-tax increase or getting substantially more federal money.” RTD already has programmed at least $1.3 billion in federal money into its revenue forecast.
Commenting on the possibility of asking voters to support a doubling of the FasTracks tax, RTD director Matt Cohen asked: “In this climate of economic volatility, how do we go to our constituents” with such a request?
Marsella said putting a toll on Peña Boulevard might generate as much as $500 million for the FasTracks shortfall.
Denver Mayor John Hickenlooper floated the concept of tolling Peña, but on Tuesday, Hickenlooper said such a plan might conflict with Federal Aviation Administration requirements and be unworkable.
