Senator Dave Cortese’s High Speed Rail Bill To Advance Economic Opportunities Moves Forward in the Assembly
SACRAMENTO –The state Assembly Transportation Committee today passed Senator Dave Cortese’s SB 545 to advance major economic opportunities connected to the High Speed Rail Project. It now heads to the Assembly Local Government Committee.
Senate Bill 545 would commission a study on the extraordinary commercial and residential economic development opportunities along the California High Speed Rail corridor focusing on increased land value development incentives and public-private partnerships from Los Angeles to San Francisco.
“The High Speed Rail Project has already created 14,600 high-quality jobs, engaged 880 small businesses and will prevent 142 million metric tons of carbon dioxide emissions. There will be massive development potential along the 400 mile corridor. The study will help guide the state to examine opportunities for major residential and commercial development in the High Speed Rail corridor, synergy which can help pay for the infrastructure itself,” said Senator Cortese (D-Silicon Valley), chair of the Senate Transportation Committee.
“The bill sets the foundation for increasing commercial and residential development investment along the High Speed Rail corridor to create jobs, desperately needed housing, attract businesses and generate new revenue streams that will help fund a lot of things.”
Currently, the High Speed Rail Project receives 25 percent of all Cap-and-Trade funds.
For the most up-to-date fact sheet on the project click on this link:
###