California High-Speed Rail Authority and the Federal Railroad Administration (FRA) updated the existing 2010 ARRA grant agreement for the high-speed rail construction. This amendment to the existing agreement makes a number of technical fixes and updates the document to reflect the Board’s recent approval of the 2016 Business Plan.
“High-speed rail construction is underway in California and this agreement is consistent with our efforts to connect Silicon Valley and the Central Valley by 2024, and then move forward with connecting San Francisco to Los Angeles,” said Authority CEO Jeff Morales.
The amendment marks a significant step towards the delivery of the operable segment connecting the Silicon Valley with the Central Valley, which will not delay the project, and will ensure that ARRA funds are expended by the mandated deadline of September 2017. Grant amendments are common and an essential tool used to
manage joint federal-state projects, particularly when those projects are complex.
Key amendments to the agreement include the modification of the overall project (the work funded with the grant) schedule from 2018 to 2022, the establishment of a working capital account, as well as the increasing the amount of ARRA funding that can be expended on project development.
Share on:
