Raleigh $6.5 million short in funding train station
Posted March 24, 2014
Raleigh, N.C. — Raleigh officials will have to come up with an additional $6.5 million to completely fund all elements of the new Union Station.
The city already has about $66.25 million in hand from state, federal and city funding, but the total cost of the first phase of the project is estimated to come in at about $73 million. Additional funding is needed to cover the construction of Union Plaza, a stormwater garden and an Amtrak crew base addition.
To close the funding gap, the city could scale down the plan, consider bond funding or special tax districts or tap into some existing grant opportunities.
Councilors got an update on the station at its Tuesday work session, but much of the conversation centered on a future bus hub that would come as part of the second phase of the project, which is currently unfunded.
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