by Jeff Smith
Big bucks getting bigger: Yahoo Finance
Newark Airport’s Train-Project Cost to Balloon Beyond $2 Billion
(Bloomberg) -- The long-awaited project to replace Newark Liberty International Airport’s train system has gotten even more expensive than its original $2 billion price tag.
The AirTrain EWR project, which is designed to replace the existing system that shuttles about 30,000 passengers every day at the airport, is facing “significant increases over the original $2.05 billion estimate,” according to preliminary bond documents provided by the Port Authority of New York and New Jersey ahead of a $1.1 billion debt sale.
The bi-state agency that runs much of New York City’s air and seaports has offset the cost increases “through value engineering efforts, by reducing project scope or otherwise deferring or reducing spending on other capital projects,” the documents say, without specifying by how much the project will be over budget.