Posted Nov 22, 2010, 5:20 AM
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Sonoma Strong
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Join Date: Mar 2006
Location: Cotati - The Hub of Sonoma County
Posts: 1,882
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sf "finds" $137m needed to secure $942m for central subway
Published Saturday, November 20, 2010, by the San Francisco Chronicle:
Quote:
S.F. solves funding quandary for Central Subway
By Michael Cabanatuan
Chronicle Staff Writer
San Francisco Mayor Gavin Newsom and transportation officials say they have
found the $137 million the Municipal Transportation Agency needs to secure $942
million in federal funds for the Central Subway project.
Newsom met Thursday with Steve Heminger, executive director of the Metropolitan
Transportation Commission, the Bay Area's transportation planning and financing
agency, and developed a plan to use about $106 million in state bond money along
with about $31 million in savings on Muni projects already completed or under
way.
The money will be used to plug a funding gap in the financial plan for the $1.6
billion subway from the Caltrain terminal to Chinatown that must be submitted to
the Federal Transportation Administration by February.
With the deadline near, and Muni's financial condition strained, some San
Francisco officials feared the agency would be unable to satisfy federal
administrators, delaying or endangering the funding of the project itself. On
Tuesday, San Francisco County Transportation Authority officials blasted a much
sketchier funding plan presented by Muni, expressed doubt the agency could meet
the federal deadline, and demanded a more detailed proposal.
Nathaniel Ford, chief executive officer of the Municipal Transportation Agency,
said the agency had been searching for ways to fill the funding gap, looking
specifically at available state bond funding and savings on projects that have
come in under budget or with lower than anticipated bids.
"We feel this is a strong plan that will be a key point in bringing the project
through the (federal funding) process," he said. "This project enjoys strong
support from the community as well as elected leaders at all levels. We will
continue to work closely with our partners at the FTA to ensure the success of
the project."
...
Jason Elliott, a mayoral aide, said it is important to note that because the
$106.3 million in state bond money was not committed, it will not delay any Muni
projects. Nor, he said, will the use of the $30.7 million in savings from other
projects.
Supervisor Ross Mirkarimi, who had been critical of the agency's earlier plans,
said he was relieved to see the fleshed-out plan, which was presented to the
authority Friday.
"An all-hands-on-deck meeting was imperative if they were going to solve this,"
he said, adding that funding problems would have emboldened opponents to push
for the project to be abandoned and the federal money spent elsewhere.
"It would be real fumble, worse than a fumble," he said, "if we were not able to
get the wherewithal to bring this important project home."
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source and full article: http://groups.yahoo.com/group/BATN/message/47188
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