01 May 2012 ~ 0 Comments

Board of Supervisors, SFMTA Board unanimously approve key resolutions to advance Central Subway Project

BOS discussing assurance funding

The San Francisco Board of Supervisors unanimously passed five resolutions to advance the Central Subway Project.

Today the San Francisco Board of Supervisors and the San Francisco Municipal Transportation Agency (SFMTA) Board of Directors unanimously passed several resolutions to move the Central Subway Project forward.

Both boards passed resolutions approving a contingency funding plan that would allow the Central Subway to advance on schedule even if state bond funds associated with the California high-speed rail project are delayed. In the event of a delay in these state funds, the SFMTA could issue local revenue bonds.

The Federal Transit Administration (FTA), which is expected to provide nearly $1 billion in funding to the Central Subway Project through its New Starts program, requested this additional assurance as part of its stringent review process. A delay in bond issuance on the state level could impact Central Subway Project financing, and the FTA requires assurance that a contingent funding plan is in place.

At both board meetings, local business leaders, community members and transit advocates testified in support of the project and the bond assurance measure, saying the Central Subway will create jobs, connect communities and improve public transportation for San Franciscans. Speaking in favor of the project were representatives of the Yerba Buena Community Benefit District, the Union Square Business Improvement District, the San Francisco Planning + Urban Research Association (SPUR), Renew SF, the Chinatown Transportation Research and Improvement Project and several local unions, as well as prominent local leaders and members of the Central Subway Community Advisory Group.

Michael Yaki testifying

Former San Francsico supervisor Michael Yaki spoke in support of the bond assurance resolution before the Board of Supervisors.

The Board of Supervisors also passed four resolutions approving the acquisition of temporary construction licenses. The licenses will allow work related to the Central Subway tunnel to commence around Union Square. Work to prepare the project alignment for tunneling is on track to begin this summer in this area.

More information about today’s board actions is available in this press release from the SFMTA.

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