Link: L.A. seeks federal loan to speed Measure R projects - LA Daily News
L.A. seeks federal loan to speed Measure R projects
Daily News
Updated: 01/05/2010 07:36:42 PM PST
Los Angeles city officials filed a request with the federal government Tuesday to borrow money to speed up plans for the "Subway to the Sea" and other transit projects planned under Measure R.
The City Council asked that the proposed National Infrastructure Development Bank, to be created under legislation now pending in Congress, advance money to the Los Angeles County Metropolitan Transportation Authority to speed up Measure R projects.
Measure R was approved by Los Angeles County voters last year, adding a half-percent sales tax to fund transit projects.
"The people of Los Angeles County put their money where their mouth is to pay for transit," Councilman Bill Rosendahl said. "And, quite frankly, I don't want to have to wait 30 years to see these projects come to life."
Deputy Mayor Jaime de la Vega said the Mayor's Office has been working with federal officials on the proposal, which would allow the construction to begin more quickly.
"There are 12 major projects that we believe will provide over 127,000 construction jobs and 2,800 permanent jobs minimum," de la Vega said.
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