A Familiar Tale
A recent story in the LA Times should sound very familiar to Floridians concerned about All Aboard Florida:
- California establishes an authority to look into building a high-speed train to go from Los Angeles to San Francisco.
- The project starts at $33-billion and gets voter bond backing for $9-billion but with taxpayer protections around the project.
- With public funds protected and the budget doubling to $67-billion the authority looks for private financing and finds none.
- With limited funding the Authority starts building short segments that have been approved.
- With no taxpayer approval and no private backing high-speed rail proponents go fishing for a $15-billion loan from the outgoing Obama administration.
US Department of Transportation Balks
The Authority had hoped to set up a meeting as early as July to discuss the loan. However, the DOT has responded stating "At this time, California has not submitted a financing request," making it appear unlikely the proposal will move anywhere.
Read the entire story at the LA Times and see the similarities and reasons for concern for yourself.