Alameda Corridor Loans Repaid -- May 14, 2004 -- California Capitol Hill Bulletin -- Volume 11, Bulletin 16

At a May 6, 2004 press conference, U.S. Department of Transportation Secretary Norm Mineta joined Rep. Juanita Millender-McDonald (Carson) and other members of Congress to announce the repayment of $573 million in federal loans for the Alameda Corridor project.

The $2.4 billion Alameda Corridor project, completed in April 2002, established a 20-mile link between the ports of Los Angeles & Long Beach and downtown Los Angeles. The project manages 150 trains every day, helping to facilitate expeditious goods movement, congestion relief, air quality improvements, and safety enhancements.

In remarks, Rep. Millender-McDonald congratulated the Alameda Corridor Transportation Authority (ACTA), noting that it had cleared the loan 28 years ahead of schedule, "A lot of people say a transportation project is a win-win," said Rep. Millender-McDonald, "but the Alameda Corridor has proved it." Pleased by the Alameda Corridor's success and the early repayment of the $400 million loan provided by DOT, Secretary Mineta praised the project as a model for the rest of America and an effective use of taxpayer money. The loan had accrued $173 million in interest since its approval in 1997, though it's early repayment saved ACTA an additional $66 million. In a statement, Sen. Barbara Boxer also expressed her support for ACTA, referring to the Alameda Corridor as a model for innovative financing of transportation initiatives. Federal, state and local resources were supplemented with private sector investments to pay for the project's construction.

ACTA is currently developing another goods movement project known as the Alameda Corridor Truck Expressway. For more information, visit http://www.acta.org .

To expand communications between Washington and California, the California Institute provides periodic bulletins regarding current activity on Capitol Hill that directly impacts our state. Bulletins are published weekly during sessions of Congress, and occasionally during other periods.

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