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8. D. - Page 9 <br /> � REALISTIC COST ASSUMPTIONS - `� ;- <br /> .�-�. <br /> Cost estimates are based on a set of realistic assumptions to provide an honest and a assessment = -" °" -. � <br /> of resources required to develop the HSR system. lhese include: <br /> � �ry_ <br /> Nine-year construction-schedule cushion to account for porential delays and funding availabiliry ' <br /> Annual inflation of 3 percent ,���- � <br /> ��_�A �.��. <br /> $16 billion in contingencies for material-cost increases, use of different components ar parts, --� ��.��� <br /> � � <br /> and minor quantities changes. - ' � ,.� <br /> � <br /> �� --� - � <br /> FUNDING <br /> In addition to state bond revenues, funding reqUired to build the high-speed rail system will primarily <br /> be provided from the federal government and privare investors. Local support also remains an element _ <br /> of the overall funding plan. <br /> ��� . <br /> Funds necessary to begin the Initial Construcrion Segment have been identified. lhis includes �, � <br /> $3.3 billion in federal funding and $2.7 billion in state bond funding. New funding will be <br /> identified befare addirional construction begins, ensuring that the program will go forward in � <br /> a fiscally responsible manner. 1he plan assumes no additional federal funding before 2014. <br /> Once passenger service is provided on an initial operating section, ridership and revenue will facilitare <br /> privare capital to supplement public investments for future construction. <br /> 1he Authariry also is parmering with cities and transportation agencies to find early investment <br /> opportunities in the south and north, such as grade separations or double tracldng, which could <br /> , ,�: <br /> potentially allow for early development of "higher speed" rail in existing rail corridors and prepare _ <br /> ��: � � <br /> those corridors for eventual, true high-speed nain service. � <br /> If resources become available earlier, consrruction timelines can be accelerated. <br /> �� f <br /> RIDERSHIP � <br /> � <br /> Ridership estimares and models used to develop them were peer reviewed and approved by <br /> inrernational expert peer-review group. Projections are based on average HSR fares that are <br /> 83 percent of current airfares and reflect conservative assumptions on fuel prices ($3.80 per gallon), <br /> population growth and pace of travel growth. No operating subsidy will be required under airy � <br /> ridership scenarios. <br /> Projected �znnuctl ridership in 2040: <br /> lOS South: 9.5 million — 14.0 million �_ �`� <br /> IOS North: 7.0 million — 11.2 million <br /> 13ay to 13asin: 16.1 million — 23.7 million <br /> Phase 1: 29.6 million — 43.9 million <br /> ANNUAL ENVIRONMENTAL AND SOCIAL BENEFITS <br /> 8 billion fewer vehicle miles traveled <br /> 146 million hours saved <br /> CO, emissions reduced by 3 million tons <br /> I,'` Z <br /> ,,, , <br /> 3� <br />