Auckland Mayor Len Brown expects a $2 billion rail tunnel through central Auckland to be completed within seven years, but who will pick up the bill remains uncertain.
The tunnel, linking Britomart with Mt Eden station and creating an inner-city rail loop, was one of Mr Brown's primary election campaigning points and the business case was released today.
A report on which the proposal is based says the standard benefit-cost ratio (BCR) for the project is equal or higher than that of two of the Government's Roads of National Significance.
Speaking at a press conference in Auckland today, Mr Brown said he was determined to have trains running on the new route within seven years.
He did not specify how the project would be funded, but was confident of support from the Government and other "sources".
"We know that there is a significant cost there but I'm confident that we can, with all the various tools available to us, deliver it over the time frame that I've indicated."
Mr Brown said the tunnel was vital as it would turn Britomart from a dead-end station to a through station, thus making it possible to run many more trains in Auckland.
"The link would double the number of trains that can go through Britomart, let Aucklanders get around the region more easily, and reduce congestion on our roads. The report can't be ignored," Mr Brown said.
"The potential urban redevelopment and additional growth derived from investment in this infrastructure would make the project transformational not just for Auckland, but for New Zealand as a whole."
The tunnel would include new stations near Aotea Square (which could become busier than Britomart), Karangahape Road and Newton.
Mr Brown said the report suggests there is a strong case for proceeding immediately with protecting the route, funding the protection process and further investigation of funding the tunnel.
As much of the route would be underground, affected landowners would need to be consulted about potential impact to their properties.
The report suggests that without the link, the central business district would require twin or triple bus lanes in both directions on most road corridors, Mr Brown said.
"The rail link is quite possibly the most critical element in Auckland's transformation into a globally competitive urban centre, and this report confirms that."
- NZPA
Akl rail tunnel expected complete in 7 years
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