A week ago we told you that CATS had inserted $97 million in new spending into the cost of the $261 million North commuter line.
Tonight they erased that. Do over.
Here is what CATS said in the North financing plan released on June 19th:
Additional “Catalyst” Projects Needed To Support Rail Service & Transit-Oriented Development
– Infrastructure projects are not part of North Corridor budget
– Candidate projects Identified by each municipality
– Include additional access, sidewalks, parking facilities & utilities
– Projects implemented before growth
– Final project selection not required until funding sought
– Current & placeholder cost estimate: $97 million
We wondered about that new number here and WBTV reported the $97 million as a new cost to taxpayers, bringing the initial cost of the North line to $358 million.
And tonight at the big pep rally for CATS and the North line in Cornelius, with the cameras rolling and the gullible assembled — the $97 million magically went away.
Turns out the $97 million in TOD to support the rail line is not needed. Nevermind. The number got reported. Nevermind. The public was alerted. Nevermind.
Tonight CATS omitted the word “needed” and tried to claim the WBTV’s Tom Roussey was wrong to have reported otherwise last week. Too late.
This is not some esoteric matter. The North line is all about “leveraging” government money in order to, in theory, produce enough development to spin off enough revenue to pay for the train.
That is why CATS plans for $76 million in tax increment financing in order to help pay for the train. A week ago CATS was figuring it needed $100 in additional development and infrastructure to make its numbers work. A week later — nevermind. The $100 million would be nice, but not needed.
And these are the folks we are supposed to trust with a $9 billion transit plan? Who swap a $100 million in and out of a plan each week, depending on who finds out about it?
Sorry. We need a new plan.
