The Las Vegas to Victorville line would be the first step toward linking Las Vegas to Union Station in downtown Los Angeles.
The timeline is contingent on Nevada approving tax-exempt, private activity bonds to go toward the project next month.
Before going in front of the Nevada Department of Business and Industry on Nov. 11, Virgin Trains is seeking the backing of the Clark County Commission, which will vote on a resolution of support for the project at its Nov. 5 meeting.
Bob O’Malley, Virgin Trains’ vice president of corporate development, told the Clark County Commission on Tuesday that the Las Vegas to Victorville, California, rail line is on track to break ground in the middle of next year, with operations slated to begin toward the end of 2023.
Finding a location within easy access to the resort corridor, Allegiant Stadium — which will have a parking lot with shuttle service to the stadium in the vicinity — McCarran International Airport and Interstate 15 made the site ideal for Virgin Trains, O’Malley said.
Virgin is seeking $800 million in bonds to issue $2.4 billion in debt, or half the amount the company needs to finance the trains and the 185 miles of dual tracks along Interstate 15. The amount includes $600 million in bonds from California and $200 million from Nevada.
The Nevada Department of Business and Industry will consider two $100 million requests from Virgin next month, with the first $100 million expected to be decided on at that time.
California last month approved $300 million in tax-exempt, private activity bonds to help finance the proposed Virgin Trains project.
California will consider another $300 million and Nevada an additional $100 million request next year. Obtaining the total bond amount sought between the two states would allow Virgin Trains to be eligible for federal grant funding, amounting to a 4-to-1 match.
O’Malley said the much-hyped Las Vegas to Southern California line will generate $1.98 billion in economic impact, create more than 1,000 construction jobs, transport 5.5 million visitors to Las Vegas annually and remove 4.5 million cars from I-15 annually.
https://www.reviewjournal.com/business/tourism/virgin-trains-las-vegas-to-la-line-on-track-for-2023-opening-1871032/
The timeline is contingent on Nevada approving tax-exempt, private activity bonds to go toward the project next month.
Before going in front of the Nevada Department of Business and Industry on Nov. 11, Virgin Trains is seeking the backing of the Clark County Commission, which will vote on a resolution of support for the project at its Nov. 5 meeting.
Bob O’Malley, Virgin Trains’ vice president of corporate development, told the Clark County Commission on Tuesday that the Las Vegas to Victorville, California, rail line is on track to break ground in the middle of next year, with operations slated to begin toward the end of 2023.
Finding a location within easy access to the resort corridor, Allegiant Stadium — which will have a parking lot with shuttle service to the stadium in the vicinity — McCarran International Airport and Interstate 15 made the site ideal for Virgin Trains, O’Malley said.
Virgin is seeking $800 million in bonds to issue $2.4 billion in debt, or half the amount the company needs to finance the trains and the 185 miles of dual tracks along Interstate 15. The amount includes $600 million in bonds from California and $200 million from Nevada.
The Nevada Department of Business and Industry will consider two $100 million requests from Virgin next month, with the first $100 million expected to be decided on at that time.
California last month approved $300 million in tax-exempt, private activity bonds to help finance the proposed Virgin Trains project.
California will consider another $300 million and Nevada an additional $100 million request next year. Obtaining the total bond amount sought between the two states would allow Virgin Trains to be eligible for federal grant funding, amounting to a 4-to-1 match.
O’Malley said the much-hyped Las Vegas to Southern California line will generate $1.98 billion in economic impact, create more than 1,000 construction jobs, transport 5.5 million visitors to Las Vegas annually and remove 4.5 million cars from I-15 annually.
https://www.reviewjournal.com/business/tourism/virgin-trains-las-vegas-to-la-line-on-track-for-2023-opening-1871032/
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