James Nash reports that Gov. Jerry Brown is turning to the $6 trillion market in sovereign wealth funds, pensions, and endowments to help fill the $55 billion gap between the project's total cost and what state bonds and federal grants will cover.
Governor Jerry Brown and California state leaders are banking on the increasing interest in public works investments to help fund the most expensive public-works project in U.S. history. "Public works projects have become more attractive to investors seeking stable, if modest, returns in a volatile climate, said Bradley Morrow, a senior consultant for private markets at Towers Watson & Co. (TW), a New York-based professional- services company," writes Nash. “'It’s becoming more accepted as an asset class for institutional investors in North America,' Morrow said, referring to a range of capital projects and not rail specifically."
"The $68.4 billion project, linking San Francisco with Los Angeles, is counting on $10 billion in bonds authorized by voters, $3.3 billion committed by the federal government and as much as $55.1 billion from private sources."
“We have active interest in and outreach to sovereign funds and foreign consortia that are looking at us,” Jeffrey Morales, chief executive of the California High-Speed Rail Authority, said Nov. 29. In addition to sovereign wealth funds, or state-owned investment pools, other potential investors include companies that will build and operate trains and stations, he said."
FULL STORY: Brown Seeks Sovereign Wealth to Back High-Speed Rail Line
CA High-Speed Rail’s Latest Challenge: Floodwater
The historic precipitation that fell on the state of California in past months poses a unique and unanticipated threat to the state’s big infrastructure project in the Central Valley.
Starpower Hired to Design California High-Speed Rail Station
The planning, engineering, and design team will develop the first four Central Valley stations on the train line.
California High-Speed Rail Recommits to Bakersfield-to-Merced Segment
The California High-Speed Rail Authority also certified the Final Environmental Impact Report/Environmental Impact Statement for the San Francisco to San Jose section of the route in August.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
Planning for Accessibility: Proximity is More Important than Mobility
Accessibility-based planning minimizes the distance that people must travel to reach desired services and activities. Measured this way, increased density can provide more total benefits than increased speeds.
World's Largest Wildlife Overpass In the Works in Los Angeles County
Caltrans will soon close half of the 101 Freeway in order to continue construction of the Wallis Annenberg Wildlife Crossing near Agoura Hills in Los Angeles County.
Colorado Bans No-Fault Evictions
In most cases, landlords must provide a just cause for evicting tenants.
Alaska Village Becomes Test Case for Climate Change Relocation
The Yup’ik village of Newtok is the first Alaska community to begin a full-scale relocation necessitated by the impacts of climate change. Another 31 Alaska communities remain vulnerable.
Amtrak Takes Lead on Texas Central Rail
The high-speed rail project isn’t a done deal, but if it moves forward, trains could begin operating in 2030.
City of Costa Mesa
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Barrett Planning Group LLC
HUD's Office of Policy Development and Research
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HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
City of Universal City TX
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