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
HSR Reaches Key Settlement in Northern California City
The state’s high-speed rail authority reached an agreement with Millbrae, a key city on the train’s proposed route to San Francisco.
California HSR Could Be Up and Running by 2033
A newly restructured leadership promises to speed up the arduous construction process and start running trains in five to eight years.
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.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Canada vs. Kamala: Whose Liberal Housing Platform Comes Out on Top?
As Canada votes for a new Prime Minister, what can America learn from the leading liberal candidate of its neighbor to the north?
The Five Most-Changed American Cities
A ranking of population change, home values, and jobs highlights the nation’s most dynamic and most stagnant regions.
San Diego Adopts First Mobility Master Plan
The plan provides a comprehensive framework for making San Diego’s transportation network more multimodal, accessible, and sustainable.
Housing, Supportive Service Providers Brace for Federal Cuts
Organizations that provide housing assistance are tightening their purse strings and making plans for maintaining operations if federal funding dries up.
Op-Ed: Why an Effective Passenger Rail Network Needs Government Involvement
An outdated rail network that privileges freight won’t be fixed by privatizing Amtrak.
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.
Village of Glen Ellyn
Central Transportation Planning Staff/Boston Region MPO
Heyer Gruel & Associates PA
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Regional Transportation Commission of Southern Nevada
Toledo-Lucas County Plan Commissions