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GAO-01-174R 1 (2000-11-09)

handle is hein.gao/gaobaalnf0001 and id is 1 raw text is: AA Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 November 9, 2000 The Honorable Richard C. Shelby Chairman The Honorable Frank Lautenberg Ranking Minority Member Subcommittee on Transportation Committee on Appropriations United States Senate The Honorable Frank R. Wolf Chairman The Honorable Martin Sabo Ranking Minority Member Subcommittee on Transportation and Related Agencies Committee on Appropriations House of Representatives Subject: Mass Transit: Review of the South Boston Piers Transitway Finance Plan The Massachusetts Bay Transportation Authority (MBTA) is constructing a 1.5-mile underground transitway to connect its existing transit system with the South Boston Piers area, which is undergoing significant economic development. The South Boston Piers Transitway project is to be built in two phases. The first phase is a 1- mile, three-station bus tunnel between South Station and Boston's World Trade Center. In November 1994, the Federal Transit Administration (FTA) entered into a full funding grant agreement with MBTA,1 under which the federal government would provide $331 million (80 percent) of the projected $413 million total cost for the project's first phase, which was to be completed in December 2000. To date, MBTA has received almost $242 million of that amount. However, this phase has experienced significant cost increases and schedule delays; currently, the project is 3 years behind schedule and its estimated total cost has risen to $601 million. Concern over the project's increased cost led to a provision in the conference report accompanying the Department of Transportation and Related Agencies Appropriations Act for fiscal year 2000 that made the funds for the project contingent on MBTA's completion of a finance plan. This plan was to set forth the full cost of completing the project and MBTA's strategy for paying this cost, among other things. 'The Federal Transit Administration's New Starts program provides funds for new transit systems and extensions to existing systems. Full funding grant agreements set the terms and conditions for federal participation in these projects. GAO-01-174R South Boston Piers Finance Plan

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