Regional transportation group fronts $200 million to save highway projects

NORTH BAY — The Metropolitan Transportation Commission plans to lend the state up to $200 million to sustain five threatened Bay Area highway projects under construction, including widening of Interstate 80 south of Fairfield and expansion of Highway 101 north of Santa Rosa, three projects with bids to be awarded in coming months including added lanes on Highway 101 north of Rohnert Park, plus traffic monitoring projects.

The commission voted Wednesday to authorize its Bay Area Toll Authority to purchase as much as $200 million in state general obligation bonds to make up for Proposition 1B transportation money the state suspended in mid-December to make up for billions in budget deficit and weak market demand for state bonds.

That funding freeze affected $1 billion going toward 90 Bay Area road projects.

“There still are details to work out,” said MTC spokesman John Goodwin.

Namely, the toll authority and the state will need to negotiate an interest rate for the private placement.

© The North Bay Business Journal  |  Terms of Service |  Privacy Policy |  Jobs With Us |  RSS |  Advertising |  Sonoma Media Investments
Switch to our Mobile View