Villaraigosa Wants a 'Bridge Loan' to Build the Westside Subway
Mayor Antonio Villaraigosa is in Washington D.C. and spent yesterday lobbying the feds and congress about the "Subway to the Sea." He wants it built in 10 years, but local funding could not support that timeline. However, in about 30 years, thanks to half-cent sales tax generated by Measure R, the funding will be there.
The "bridge loan" would be money upfront to be paid back later with a guarantee, according to KPCC. "At a time when almost [all] states and most cities are going to Washington with one hand open, we’re going with money in one hand and an open hand for a partnership in the other," said the Mayor.
One problem, though: It's never been done before. If Villaraigosa is able to secure such a deal, it would be a first.