Jan 26 2010
Washington, DC -- U.S. Senator Dianne Feinstein (D-Calif.) today applauded the U.S. Department of Transportation’s decision to approve a $171 million loan for construction of the Transbay Transit Center in San Francisco, which is expected to create up to 48,000 jobs in California.
“This project will create thousands of jobs at a time when the state unemployment rate is 12.4 percent and more than two million Californians are out of work,” Senator Feinstein said. “Creating jobs by funding projects like the Transbay Transit Center must be our top priority right now, and this $171 million loan will provide a significant economic boost.
“This downtown rail station will bring us one step closer to a high-speed rail system for California, which has been a long-term priority for me. In addition to creating jobs, high-speed rail will spur commerce while reducing greenhouse gases and reliance on foreign oil. So the Transbay Transit Center is exactly the kind of public works project California needs.”
The loan will be issued through the Department of Transportation’s Transportation Infrastructure Finance Innovation Act (TIFIA) Program. Construction of the Transbay Transit Center building is scheduled to be completed in 2014. The program will also finance ramps to the Bay Bridge, a bus storage facility and design of an underground transit facility.
The new Transbay Transit Center is expected to serve more than 45 million passengers annually and contain nine transportation systems, including California high-speed rail. Of the projected 48,000 jobs, 8,000 are expected to be created immediately.
Senator Feinstein has recently called for expanded use of federal loan programs, such as TIFIA, that finance the construction of transportation, energy, and water infrastructure of national significance. For every federal dollar appropriated to loan programs, the government can loan up to ten dollars for new infrastructure.
Loans from federal financing programs have recently helped create thousands of new green jobs at Solyndra and Tesla, demonstrating that Federal lending programs can increase lending in the economy – as was the original purpose of TARP.
Senator Feinstein played a key role in legislation appropriating $10.5 billion for high-speed rail in 11 rail corridors, including California. She was also a major supporter of Proposition 1A, the $10 billion bond measure that funded the California High-Speed Rail Authority plan.