$400 MILLION LOAN SLATED FOR ALAMEDA CORRIDOR.Byline: Rick Orlov Daily News Staff Writer A $400 million loan to help finance a 20-mile railway from the Port of Los Angeles The Port of Los Angeles is located on San Pedro Bay in the San Pedro neighborhood of Los Angeles, approximately 20 miles (30 km) south of downtown. Also called Los Angeles Harbor and WORLDPORT LA to Union Station was announced Tuesday by President Clinton. The $1.8 billion Alameda Corridor The Alameda Corridor is a 20 mile (32 km) freight rail "expressway"[1] owned by the Alameda Corridor Transportation Authority (AAR reporting marks ATAX project - scheduled to be completed in 2001 - would dramatically increase the capacity for trade in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. by more quickly moving materials off the docks and into the city, officials said. President Clinton, in a written statement released Tuesday, called the loan "a critical investment in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , our nation's largest gateway to the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. ." It is contained in the budget proposal Clinton sent Tuesday to Congress. Mayor Richard Riordan Richard J. Riordan (born May 1, 1930) is a Republican politician from California, U.S. who served as the California Secretary of Education from 2003–2005 and as Mayor of Los Angeles from 1993–2001. Riordan ran for Governor of California unsuccessfully in 2002. said during a news conference that the corridor will be a boon to the economy. "This will go a long way to reach our goal for the Alameda Corridor," the mayor said. "When I took office, people told me that the Alameda Corridor project was a pipe dream, that it couldn't happen, that there were too many obstacles." As many as 100 trains a day are expected to run along the corridor that cuts through seven cities, boosting trade from its present $116 billion a year to $253 billion. Under the loan agreement, Los Angeles will receive $59 million this year to begin construction of the project. Subsequent federal budgets will include the additional funds, with the money to be repaid over 30 years from user fees once the trains begin to run. The remaining costs are being picked up primarily by the ports of Los Angeles and Long Beach, with some other state and federal funding. |
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