December 2, 2011 > High-speed rail receives almost $1 billion
High-speed rail receives almost $1 billion
Submitted By Rachel Wall
The California High-Speed Rail Authority announced on November 22, 2011, that it has signed a cooperative agreement with the Federal Railroad Administration that will provide $928M in federal funding for the construction of the project's Central Valley segment.
"The announcement of the federal funds makes good on the promise of our new draft business plan that the funding for the first segment is identified, committed and we are moving forward," said Thomas J. Umberg, Chairman of the California High-Speed Rail Authority Board of Directors.
Project construction will begin next fall in Fresno. This initial construction segment, spanning up to 130-miles, will put 100,000 people to work over the next five years. More than one million jobs are expected to be created in the development and operation of the system over the life of the project.
The funds in this agreement were originally awarded in October 2010 and May 2011 and means all necessary federal funding has been secured for the design and construction of the project's initial segment in the Central Valley.
In October 2010, the Authority received a FY 2010 High-Speed and Intercity Passenger Rail award of $715M and 30-percent state match of $306M for a total of $1.02 billion. In May 2011, $214M was re-allocated from Florida's FY 2010 High-Speed and Intercity Passenger Rail; combined with a 20 percent state match of $53M, the aggregate was $267M.
To date, the Authority has been awarded a total of $3.5 billion in federal funding to fund design, engineering, and construction on the initial segment of the high-speed rail system. Total funding committed for construction on the Central Valley backbone is $6 billion.
For more information, visit www.hsr.ca.gov