Perhaps, but it's right on par with the cost of the recent Metro extension which cost $6.8B for an 11.6 mile extension running on existing tech.
Successfully building an entirely new Maglev line for 'only' $10B would be a steal relatively speaking, but I don't see that happening.
More likely, I'd expect the planners want Government buy-in because they recognize how susceptible the Government is to chasing sunk costs and covering all the difference when the project predictably balloons to 5x what was proposed.
1: http://en.wikipedia.org/wiki/Silver_Line_(Washington_Metro)