Gold Line officials seeking over $100 million in private financing - Pasadena Star-News
Gold Line officials seeking over $100 million in private financing
Posted: 09/29/2009 11:33:44 AM PDT
Gold Line authorities are looking for a contractor to put up $100 million to $150 million to expedite the start of construction on the first segment of its 24-mile extension to Claremont.
The Gold Line Foothill Extension Authority, the agency responsible for building the line, has set the completion date for 2013, but lacks the funding to get the project done on that time line.
To get the line going, the authority wants to commit to a firm that can afford to finance the project itself at first, and get paid back over time.
The authority has a commitment of up to $875 million from Measure R funds, but will likely receive the allotments on an annual basis until 2019.
The Metropolitan Transportation Agency, which is tasked with distributing the funds, has the completion date for the first phase of the Gold Line, to the Azusa/Glendora border, as 2017.
The Foothill Extension authority drew a crowd of about 200, many representing engineering firms, on Tuesday at an event devoted to explaining the bidding process to get the job.
The line's cost will be $320 million, and the authority will also be awarding a $30 million contract for bridgework. It is asking for an upfront commitment of $5 million from the contractor doing that project.
The authority would pay back the $100 million to $150 million as it gets its allotment of Measure R funds. Interest on the loan would ultimately cost the authority $30 million, officials say.
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