Amtrak 2012 Annual Report Download - page 30

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The existing Acela train sets will be converted from a 1-6-1 to a 1-8-1 configuration (power car-passenger
cars-power car). This adds two coach cars to each of the 20 train sets increasing ridership capacity by 130
seats per train set. Increasing the length of the train sets will require infrastructure changes including
lengthening the Acela maintenance facilities in Washington, New York, and Boston in the future. The
costs and expected revenue increases for this program are incorporated in Amtrak’ s Five Year Financial
Plan. $36.8 million is programmed into FY2012 for these acquisitions.
Beyond 2020, however, no significant expansion of intercity service is possible in the Northeast without
providing additional rail capacity into and through Midtown Manhattan. Under the “Gateway” portion of
the Plan, Amtrak could triple premium high-speed service, to three round trips per hour, between New
York and Washington by 2025. To facilitate this service expansion, the Gateway Program includes new
tunnels under the Hudson River and replacement of the century-old Portal Bridge east of Newark, New
Jersey with two new high level spans. Expansion of station facilities in New York is also necessary in
conjunction with the construction of a new “Moynihan Station” directly across 8th Avenue from the
existing Penn Station on the site of the former Farley Post Office. This budget includes $15 million in
federal appropriations designated for the Gateway Program.
While significant planning work remains, initial estimates show that the Gateway Program is expected to
cost approximately $14 billion to $16 billion, depending on the configuration of an expanded Penn
Station to accommodate both commuter and intercity rail. Of the estimated cost for Gateway, $137
million of funding has already been made available to begin work on the program, including funding for
design and early phase construction at Moynihan Station under a $83M TIGER grant; final design of one
of two Portal bridges under a $38.5M million HSIPR grant, and the $15 million in federal general capital
grants to Amtrak provided in the FY12 Appropriations Act.
Debt Service and Debt Related Equipment Purchases
Principal and Interest
Principal and interest payments for FY2012 amount to $254.5 million and are detailed in Table 16 below.
Table 16 - Debt Service
$ Millions
Q1 Q2 Q3 Q4 FY12
Principal 49.6 71.0 37.5 13.7 171.9
Interest 25.4 19.4 24.9 13.0 82.6
Total Cash P&I (DOT Debt Service Grant) 75.0 90.4 62.4 26.7 254.5
Early Buyout Options (EBO)
An Early Buyout Option is a contractual right for Amtrak to terminate a long term lease of equipment, in
part or in whole, on favorable terms. The EBO gives Amtrak the rights to a) buy the equipment which is
owned by a bank and, separately, to b) pay off the rest of Amtrak’ s lease payment obligations to the
bank. The EBO occurs at a specified, fixed price, one time only, late in the term of the lease. It is the
only right of voluntary pre-payment in the lease.
FY2012 Budget Post Board 1.20.12.doc 30 of 79