LAS VEGAS, Nev. (FOX5) – The US Department of Transportation announced Tuesday morning it’s approved $2.5 billion in additional private activity bonds for the Brightline West high-speed rail project.
That adds to the $1 billion in bonds the DOT invested in the project in 2020. The project is also receiving $3 billion from President Joe Biden’s infrastructure law.
“President Biden’s historic infrastructure package gives us the opportunity to build safe, green, and accessible rail systems that will deliver benefits to the American people for generations to come,” said US Transportation Secretary Pete Buttigieg.
The 218-mile rail line will connect Las Vegas to Southern California. The 218-mile rail line will connect Las Vegas to Southern California. It promises to create some 35,000 jobs, reduce traffic on the I-15, and reduce carbon emissions by more than 400,000 tons a year.
Construction is expected to begin this summer. The goal is to have it up and running in time for the 2028 Olympics in Los Angeles.
11,000 workers will soon be hired to build the high-speed Brightline rail from Las Vegas to California
Brightline’s Founder and Chairman says he sees the rail line as part of the future of transportation in the US.
“As the first true high-speed rail system in America, Brightline West will serve as the blueprint for connecting cities with fast, eco-friendly passenger rail throughout the country,” said Wes Edens. “Connecting Las Vegas and Southern California will provide wide-spread public benefits to both states, creating thousands of jobs and jumpstarting a new level of economic competitiveness for the region. We appreciate the confidence placed in us by DOT and are ready to get to work.”
The new funding comes in the form of private activity bonds. These are bonds issued on behalf of a state or local government to fund qualified projects, like airports or hospitals. They function as an alternative to corporate bonds and allow governments to borrow on behalf of private companies.
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