Letters to the Editor
Updated: June 18, 2012 8:31AM
Not so “Swift”
$20 million for the new Swift station. Projected 900-1200 boardings a weekday some of whom will have used the Dempster Station a mile away. Say 260,000 weekday and 40,000 weekend boardings or 300,000 a year resulting in $675,000 in new revenue if everyone pays full fare.
Interest/time value on $20 million at a conservative three percent is $600,000 a year. Annual operating costs for utilities, maintenance and labor? Perhaps another $175,000. (Probably a lot more). For a total ongoing annual cost of $775,000.
So, this station will cost the taxpayers $100,000 a year forever, plus $20 million dollars and this makes sense because? (Is it because Skokie wants its failed Research Park investment that was supposed to generate 5,000 jobs and has generated 1,400 to work at any cost?)
Is there any mystery why mass transit and governments are such fiscal failures?
This idea was not so swift.