CALIFORNIA─XpressWest, a high-speed train that will transform transportations in Southern California and Las Vegas, received $200 million of private activity bonds from Nevada after the state approved industrial development revenue bonds to assist with construction on Friday, July 24.
The Nevada State Board of Finance approved the project after the California Finance Committee allocated $600 million in tax-exempt bonds to it in April. The project was also reported to receive $750 million in bond allocation from the federal government.
“Today, the Board of Finance approved up to $950 million in bonds to assist in the construction of a rail project connecting Las Vegas & Victorville. This long-term infrastructure project will create new jobs and help sustain Nevada’s economy for years to come,” said Nevada Governor Steve Sisolak.
XpressWest can sell four times the value of the awards as tax-exempt bonds to private investors, which means a value of $ 800 million. The proposed project which will be privately financed is expected to create 30,000 construction jobs, offer 1,000 permanent jobs, take 3 million cars off the road, and remove 100,000 tons of CO2 annually.
“This will transform transportation in Southern California and Las Vegas for generations by providing a fast and efficient connection that gets people out of their cars, reduces traffic congestion, and decreases air pollution,” said California State Treasurer Fiona Ma.