April 16, 2024 Breaking News, Latest News, and Videos

Financing Stopped For I-405 Expansion:

The San Diego Freeway (I-405) is a disaster…and will remain so for just a bit longer. This past week Governor Arnold Schwarzenegger announced the plan to stop $730 million to finance a 10-mile HOV lane on the I-405 between LAX and the Venturea Freeway (101) in San Fernando Valley.

The $730 million is part of a $3.8 billon in-state infrastructure financing plan that was supposed to be dispersed throughout the next six months. The Pooled Money Investment Board (PMIB) voted to stop the plan due to the lack of making a real and comprehensive budget solution.

The HOV lane that would be put in place was supposedd to reduce 23,000 hours of traffic time a day. This final HOV lane addition would complete the HOV lanes from California 14 down to the Orange County line. For many people who travel in and between Los Angeles and Orange County this would be a welcomed addition, but for now it’s a waiting game.

Along with this project being halted, there is an estimated 2,000 more state infrastructure projects that will be stopped. These 2,000 projects are worth $16 billion, which means many California workers won’t be getting a piece of that, putting thousands of jobs at risk.

Governor Schwarzenegger said, “Instead of bulldozers, cranes, and construction workers getting to work – all we’ll have is more gridlock. This not only halts job creation and economic stimulus across California, but it also impacts our quality of life.” Schwarzenegger also commented on the need for the legislature to start solving problems instead of creating them.

The Governor said he would veto any bill that came his way dealing with the budget because they all fail to provide real solutions in solving the budget crisis and mortgage relief for Californians.

in Uncategorized
Related Posts