Brightline bullet train from Southern California to Vegas refinances $2.5 billion
The U.S. Department of Transportation (DOT) announced Tuesday that another $2.5 billion in public funds will go toward the Brightline West high-speed rail project.
On top of this, the Department of Transportation has invested $1 billion in bonds in 2020, and the project received $3 billion through President Joe Biden’s infrastructure bill late last year. A total of $6.5 billion is included in the project's $12 billion budget.
"President Biden's historic infrastructure package gives us the opportunity to build a safe, environmentally friendly and accessible rail system that will deliver generations of mobility to the American people," U.S. Transportation Secretary Pete Buttigieg said in a statement. Benefit."
The 218-mile rail line will connect Las Vegas to Rancho Cucamonga, providing Metrolink service to Los Angeles and Orange, San Bernardino and Riverside counties. Construction is expected to begin this summer with the goal of transporting the first passengers to Los Angeles for the 2028 Summer Olympics.
The project promises to create 35,000 construction jobs, reduce traffic on Interstate 15 and reduce more than 400,000 tons of carbon emissions annually.
"We appreciate the Department of Transportation's trust in us and are ready to get to work," Brightline founder and chairman Wes Edens said in a statement. "As America's first truly high-speed rail system, Brightline West will be the first truly high-speed rail system in the United States." , a blueprint for environmentally friendly passenger rail connecting cities across the country.”
The latest funding for the project comes in the form of private activity bonds. As an alternative to corporate bonds, they allow governments to borrow money on behalf of private companies.
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