In another major blow to the struggling rail project, the High Speed Rail Authority has written the state legislature that private financing, which they had counted on to fund 1/3 the capital cost, may not be available until the train is running.
On Nov. 1, the authority is due to present the state legislature a revised business plan.
"The letter (written by the authority to the legislature) gives a preview of the authority's upcoming business plan, a critical document that is supposed to address long-standing concerns that it lacks a credible blueprint for building and operating the system... Originally, the authority hoped to build the system based on three sources of funding: federal, state and private money. The letter by the authority, sent Friday (Oct. 14), said for the first time that private investors are unlikely to put up cash before the system is operating."
If the House of Representatives approves the bill by House Majority Whip Kevin McCarthy, R-Bakersfield and nine additional House members, all California Republicans, the authority would receive no federal funding through September 2012. Without federal funding or private funding, the authority will not be able to spend the remaining $6 billion in the 2008 bond measure that authorized the project as those bonds must be applied as matching funds.
"One option appears to be a financing tool, being considered in a U.S. Senate subcommittee, in which the federal government would provide tax credits to holders of bonds used to help build the system, according to the authority's letter to the Legislature's budget committees."
Thanks to California League of Conservation Voters
FULL STORY: Investors may not back bullet train until after it's running, agency says
Make-Or-Break Moment For CA HSR
Nov. 1 is a decisive date for the CA HSR Authority. The long-awaited and once delayed business plan will provide the basis for the legislature to continue funding the $45 billion project or put a halt to it, thus returning massive federal grants.
How Does CA HSR Project Move Forward Amid Challenges?
Wounded but far from dead, the WSJ examines the many problems plaguing California's formidable HSR project. With federal funding likely to be pulled by House Republicans, the Journal reports on the courses the project could take.
Is China’s High-Speed Rail Boom Unsustainable?
The country is building tens of thousands of miles of rail service that is expensive to maintain and, in some cases, redundant.
Research Links Urban Design and Human Happiness
An emerging field of ‘neuroarchitectural’ research is revealing how building facades and urban design impact the human brain and body.
Reimagining Your Street
How to use free online tools to redesign your local streetscape.
Research: Sprawl Linked to Poverty
Low-income families living in high-sprawl neighborhoods are limited in their access to education, jobs, and other amenities, often trapping them in a cycle of poverty.
Washington Lawmakers Eye Rent Stabilization
Democrats are pushing for a statewide rent stabilization bill that would give renters some protections while offering more flexibility for landlords than blanket rent control policies.
Wildfires Devastate LA Outdoor Education Spaces and Schools
The current Los Angeles wildfires have destroyed schools and outdoor education spaces like Eaton Canyon, displacing families and disrupting vital learning and community resources while highlighting the region’s vulnerability to natural disasters.
Research Affirms Safety of ‘Idaho Stop’
Allowing cyclists to treat stop signs as yield signs does not negatively impact safety and can help people on bikes more effectively navigate roadways.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Northeast Ohio Areawide Coordinating Agency (NOACA)
Ada County Highway District
Charles County Government
Chaddick Institute at DePaul University
HUDs Office of Policy Development and Research
NYU Wagner Graduate School of Public Service
City of Cambridge, Maryland
Newport County Development Council: Connect Greater Newport