Friday, March 26, 2010

LA Metro approves funding/cooperative agreement for Foothill Extension

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The Los Angeles County Metropolitan Transportation Authority Board of Directors approved the terms for the Funding Transfer and Master Cooperative Agreements between the agency and Foothill Extension Construction Authority, setting the stage for construction to begin on the first new rail project funded by Measure R.

This $810-million funding agreement provides the guidelines and mechanism by which Metro will fund the project through Measure R and other local funds, while the cooperative agreement defines the roles and responsibilities of the two agencies during design and construction. Importantly, these agreements ensure efficient and cost-effective oversight of the long-awaited light rail project, and guarantee significant coordination and information sharing between agencies.

The Board action marks a major milestone for the Foothill Extension project and signals a clear path towards the project's June groundbreaking.

According to a study produced by the Los Angeles Economic Development Corporation, the next phase of the Foothill Extension (Phase 2A - Pasadena to Azusa) will generate nearly $1 billion in business revenues, $40 million in tax revenues, and create nearly 7,000 new jobs for the region (more than 2,600 in construction) during project construction alone.

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