57/60 CONFLUENCE PROJECT
The project will be funded with a combination of local, State and Federal sources and will be constructed in three-phases. The precise mix of funds is yet to be determined, although the project’s proponents are committed to exploring every possibility at every level. In 2009, with the strong support of our congressional delegation, the project sponsors made a request for $155 million in Federal funding in connection with the pending Federal Reauthorization of transportation programs, which represents approximately 60% of total project cost of $256 million.
The City of Industry has pledged $35 million to the project. The project received a $6.5 million funding commitment from LACMTA to complete Phase I. Phase IIA of the project received an additional $6.8 million funding commitment from LACMTA. In 2011, the project received a $9.4 million funding commitment from LACMTA and $10 million in TIGER funds in 2014 to complete Phase IIB. The combination of Local and Metro funding brings the funds committed to the project to $68 million.
Project proponents are continuously working with Local and State authorities to meet the goal of providing the required non-Federal match monies. In 2009, the LACMTA included the project in its financially constrained Long Range Transportation Plan, however, not in a time frame that is conducive to timely implementation. In the months ahead, the City will be working with financial experts to creatively explore ways to line up funding consistent with the project implementation plan. Examples include, but are not limited to: contractor financing via a public-private partnership; seeking a Federal TIFIA loan; Federal Government sponsored Qualified Transportation Improvement Bonds; and the California State Infrastructure Bank. In addition, recognizing the statewide significance of the project, proponents will be talking to Caltrans, the California Transportation Commission and the Brown administration in Sacramento to determine the appropriate State share of funding for the project.