|
 Maglev’s $147 million budget
The first maglev project would involve construction of a 5,000-space parking garage
next to the Civic Arena, a 2,200-foot elevated guideway and two stations, and development
of three maglev cars, one of them a spare.
Project funds are to be raised through four separate bond sales, including $40 million
that the Allegheny County commissioners have voted to guarantee, and $40 million the
International Brotherhood of Electrical Workers has pledged to buy.
This is the latest version of the budget Western Pennsylvania Maglev Development Corp.
has submitted to show how the funds are to be used.
| Garage and stations |
Amount |
| P.J. Dick (garage
construction) |
$48,100,000 |
| Tasso Katselas
(architect) |
2,500,000 |
| P.J. Dick (station
construction) |
3,000,000 |
| Crawford Parking
(project management) |
* |
| |
|
| Maglev shuttle system |
| P.J. Dick (guideway
construction) |
$16,820,000 |
| Hall Industries
(vehicles) |
10,234,000 |
| General
Atomics/Lockheed (magnets and testing) |
18,458,000 |
| Union Switch &
Signal (signals, communications) |
2,500,000 |
| Mackin Engineering
(engineering) |
1,500,000 |
| P.J. Dick/General
Atomics (system integration) |
4,100,000 |
| Allowance for
guideway plates |
950,000 |
| Allowance for spare
parts |
1,100,000 |
| Vehicle maintenance
equipment |
300,000 |
| Bonds, taxes and
insurance for P.J. Dick |
460,000 |
| General
Atomics/Lockheed tax allowance |
320,000 |
| Crawford Parking
(project management) |
2,500,000 |
| |
|
| Other construction/system expenses |
| SMG Corp. (land
acquisition, right of way costs) |
3,800,000 |
| Independent engineer
(assurance for bond holders) |
200,000 |
| Legal and other fees |
3,600,000 |
| Construction
contingency (to pay for changes) |
5,000,000 |
| Retrofit to wheels
(in case levitation doesn’t work) |
1,000,000 |
| |
|
| Reserve funds, miscellaneous |
| Interest earned on
funds |
($12,239,350) |
| Senior debt reserve
fund (for bond issues) |
4,672,944 |
| Senior capitalized
interest fund (for bonds) |
12,469,653 |
| Subordinate debt
reserve fund (for bonds) |
3,727,468 |
| Subordinate
capitalized interest fund (for bonds) |
9,218,446 |
| Expenses related to
issuing bonds |
1,980,000 |
| Contingency fund for
bond issues |
1,168,839 |
| |
|
| Total expenses, fund uses |
$147,440,000 |
(*Earlier version of budget showed $2.5 million for Crawford Parking Corp. for project
management of parking garage and stations. No amount is listed in current version.)
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