A 9.4-mile light-rail extension should open for service by March 2017, and the Charlotte Area Transit System said Monday it has a firm price for the project: $1.16 billion.
...In 2007, CATS said it could build an 11-mile extension for $700 million.
But the project was delayed, and proved more complicated due in part to placing rails in the median of North Tryon Street.
In 2009, the project was estimated to cost $1.18 billion. That cost caused CATS to reduce the scope of the project, having it end on the UNC-Charlotte campus instead of a park-and-ride lot at Interstate 485.
Those changes pushed the cost down to $977 million.
Since then, the price has increased due to CATS increasing estimated financing costs ($93 million); higher costs to relocate freight rail at 36th Street ($36 million); higher real estate costs ($11 million); and a larger reserve ($45 million).