12/22/2008 GAAS:844:08 FOR IMMEDIATE RELEASE Print Version |
Gov. Schwarzenegger Highlights Halt of I-405 Congestion Relief in LA, Other Economic Ramifications of Legislature’s Failure to Pass Real & Comprehensive Budget Solution
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At one of the most congested sections of I-405 in Los
Angeles, Governor Arnold Schwarzenegger today highlighted the job, economic and
quality of life ramifications of the legislature’s failure to pass a real and
comprehensive budget solution. The legislature’s inaction caused the state
Pooled Money Investment Board (PMIB) to vote last week to stop $3.8 billion in
state infrastructure financing over the next six months - including the halting
of $730 million in financing to build a 10-mile I-405 HOV lane in Los Angeles
between LAX and US 101 in the San Fernando Valley designed to reduce 23,000
hours of freeway congestion per day. Due to the legislature’s continued failure
to provide a real and comprehensive budget solution, 2,000 infrastructure
projects in California valued at more than $16 billion are in jeopardy and tens
of thousands of California jobs are immediately at risk.
“Last week the legislature asked Californians to pay
higher taxes and fees without making a real attempt to put Californians back to
work and help them keep their homes. Because of the legislature’s continued
failure to pass a real budget solution, funding for infrastructure projects
like this I-405 widening project has been stopped. So instead of bulldozers,
cranes and construction workers getting to work - all we’ll have is more
gridlock. This not only halts job creation and economic stimulus across
California, but it also impacts our quality of life,” said Governor
Schwarzenegger. “The time for political posturing is over - its time the state
legislature starts solving problems instead of creating them.”
Designed to widen I-405 in Los Angeles County between
Interstate 10 near Los Angeles International Airport (LAX) and US 101 in San
Fernando Valley - this 10 mile northbound HOV project would complete the HOV
system on Interstate 405 from State Route 14 to the Orange County line. As
southern Californians know, this section of I-405 is heavily congested and
existing traffic in the project area can be stop and go throughout the day. The
HOV project projects to reduce 23,000 hours of congestion per day. Due to the
legislature’s inability to resolve California’s budget shortfall, the financing
for this project has been halted - and funding for 2,000 other projects across
California is in jeopardy. (For a list of all infrastructure projects that
could potentially be affected, please see the attached list).
Last week Governor Schwarzenegger declared he would veto the
budget bills passed by the legislature because they fail to provide real
solutions for California’s budget crisis and also fail to provide economic
stimulus and mortgage relief for California. On November 6, 2008, the Governor presented a budget
proposal to the legislature that would address all such issues.
In September, Governor Schwarzenegger announced the $730 million
Proposition 1B allocation to this Los Angeles 1-405 HOV project. It is the
largest individual Proposition 1B project allocation to date.
Pooled Money Investment Board List (PDF)
