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<DIV>forwareded this to Town Talk in riverdale Park<BR></DIV>
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<B><SPAN style="FONT-WEIGHT: bold">From:</SPAN></B> Greg Smith <gpsmith@igc.org><BR><B><SPAN style="FONT-WEIGHT: bold">To:</SPAN></B> HOPE_in_Hyattsville@yahoogroups.com<BR><B><SPAN style="FONT-WEIGHT: bold">Sent:</SPAN></B> Tue, January 25, 2011 8:36:05 AM<BR><B><SPAN style="FONT-WEIGHT: bold">Subject:</SPAN></B> [HOPE_in_Hyattsville] Roads for Transit -- Re: Anyone have any updates on the purple line<BR></FONT><BR>
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<P><BR><BR>Regarding the Purple Line and other rail transit projects v. highway <BR>projects like the Intercounty Connector....<BR><BR>Under federal law, the majority of federal highway dollars flowing to <BR>Maryland and other states are "highway dollars" in name only.<BR><BR>Every state has the right under federal law to flex significant percentages <BR>of its few federal highway dollars toward public transit investments, e.g. <BR>the Purple Line the DC area or the Red Line in Baltimore.<BR><BR>Maryland can flex a higher percentage of its federal highway dollars to <BR>public transit because the Washington and Baltimore regions have congested <BR>interstates and air quality that fails to meet health-based criteria for <BR>smog and fine particles.<BR><BR>In fact, Maryland can flex about 75 percent of its federal highway dollars <BR>toward public transit capital projects, e.g. the Purple Line in the DC area <BR>and/or the Red Line in Baltimore and/or
rail out the I-270 corridor.<BR><BR>Even better, Maryland can attract a matching federal grant for new rail <BR>projects, also called New Start projects.<BR><BR>So $1 billion dollars in state transportation, or federal highway dollars <BR>flexed by a state to public transit, or some combination of the two, could <BR>attract $1 billion federal transit dollars in a matching grant for, say, <BR>the Purple Line.<BR><BR>So when Martin O'Malley decided to proceed with the ICC, and to waste $1 <BR>billion in federal highway funding and another $445 million in state <BR>transportation dollars on that one 18-mile toll road, he essentially <BR>decided to blow what could have been nearly $3 billion for public transit.<BR><BR>And that's not the end of it. O'Malley also decided to issue $1.2 billion <BR>in additional debt for the ICC, on which the interest owed is likely to run <BR>about an additional $1.2 billion.<BR><BR>So the total price tag on the ICC, in
nominal dollars, is about $4 <BR>billion.... for a destructive toll road that every study shows will not <BR>relieve congestion.... while transit is not built or maintained, roads <BR>crumble, roads that unsafe for pedestrians remain unsafe for pedestrians, etc..<BR><BR>The major underwriters on the ICC bonds include the many of the same <BR>financial luminaries who brought us the derivative-fueled housing and debt <BR>bubble, including Goldman-Sachs.<BR><BR>That's what you call screwing Main Street to enrich Wall Street.<BR><BR>Greg<BR><BR></P></DIV><!--~-|**|PrettyHtmlStart|**|-~-->
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