Auckland’s CRL might cost $3.4b
The price tag on Auckland’s City Rail Link has ballooned to as much as $3.4 billion, up from earlier estimates of about $2.5b.
The Government and Auckland Council on Wednesday signed a Heads of Agreement, under which the Crown will fund 50 per cent of the CRL.
The total cost of the project is estimated to be between $2.8b and $3.4b, Associate Finance Minister Steven Joyce and Transport Minister Simon Bridges said. Earlier estimates had put the cost at about $2.5b, although backers had said they expected that figure to rise.
Joyce said Wednesday’s agreement set out in-principle commitments from the Government and council, and contained broader funding, governance and risk management arrangements. A more detailed ‘‘sponsors’ agreement’’ would be developed in coming months, after which the Government would start to make funding available – which may be as early as 2017.
The 3.4km underground train line will run from Britomart station to connect with the existing western line at Mt Eden station. Bridges said the CRL would double the capacity of the metro rail network and provide significant travel time savings for commuters.