Through the DOT’s Federal Highway Administration’s Transportation Infrastructure Finance and Innovation Act (TIFIA), a loan of $546 million, along with a recent TIGER II grant of $20 million, will go towards the construction of the proposed $1.9-billion, 9-mi Crenshaw/LAX light-rail extension project.
The 30/10 plan, which Mayor Antonio Villaraigosa unveiled earlier this year, would condense three decades worth of transit projects funded by Measure R’s half-cent sales tax into 10 years with the help of federal government loans. There are a dozen transit projects on the 30/10 to-do list and where the money will come from down the line (obviously some from the tax, but definitely not all) is anyone’s guess.
But, it’s a jumpstart and job creator, that’s for sure. The mayor’s office says 165,900 construction jobs would be created with the plan.
The federal investment is expected to create 5,000 jobs, according to a study by the Los Angeles Economic Development Corp. The entire Crenshaw project will create more than 15,000 jobs, according to the mayor’s office.
The grant funds will allow the Metropolitan Transportation Authority to break ground on the Crenshaw light rail project in early 2011.
Mayor Villaraigosa was in Washington, D.C. last week to attend a meeting with President Obama to announce the fed’s $50-billion infrastructure spending plan.