SACRAMENTO-The California High-Speed Rail Authority was awarded$715 million from the federal government, bringing to $4.3 billionthe funding secured to begin construction on the core of the systemin 2012. The project is expected to put thousands of Californiansto work.
According to California High-Speed Rail Authority chairman, CurtPringle, “Federal funding has once again invigorated the projectand will be a huge boost to the state’s economy. He adds that “Thekey to developing this system is to create a core—a backbone forthe system that will connect our major metropolitan cities. Thisfunding helps us do that and lets us begin to capitalize on whathigh-speed rail means for California in jobs and developmentopportunity and in a more mobile and efficient state.”
The first phase of the 800-mile high-speed rail system will spanthe San Francisco Bay Area to the Los Angeles metropolitan area andwill be built in several sections to manage the constructionprocess and gets trains on the tracks as soon as possible. Thefederal funding received includes a designation that $715 millionof the funding be used on an eligible section in the CentralValley, earmarking the money for either the Merced-to-Fresno orFresno-to-Bakersfield sections.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.