Loading ...
Sorry, an error occurred while loading the content.

I-205 widening CTC loan swap approved by San Joaquin COG

Expand Messages
  • 10/28 Tracy Press
    Published Friday, October 28, 2005, in the Tracy Press Loan to expand I-205 finally OK d Nick Juliano San Joaquin County s transportation planning agency took
    Message 1 of 1 , Oct 29, 2005
    • 0 Attachment
      Published Friday, October 28, 2005, in the Tracy Press

      Loan to expand I-205 finally OK'd

      Nick Juliano

      San Joaquin County's transportation planning agency took
      the final step Wednesday night in the drive to widen Interstate 205
      when it OK'd a complicated loan arrangement to the state.

      The San Joaquin Council of Governments voted in favor of a plan to
      take out $67 million in low-interest loans, which it will in turn lend
      to the California Transportation Commission to get the project off the
      ground. The council expects to pay about $7.7 million in interest to
      borrow the money. However, officials say they will recoup about $2
      million in expected sales taxes when contractors buy materials to
      expand I-205.

      Borrowing the money is expected to be about $2 million cheaper than
      just lending the CTC cash outright, treasurer Steve Dial told board
      members at their meeting last night in Stockton.

      That's because the agency would forfeit interest on $67 million of its
      $120 million in investments, Dial said.

      "We will save money over drawing down on money we already have
      invested," Dial said.

      Caltrans is set to open the I-205 project to bids Nov. 14, said Andrew
      Chesley, the agency's interim executive director.

      Construction on the project should begin in the spring, and commuters
      are expected to be able to cruise down a six-lane freeway between
      Interstate 5 and 11th Street by late 2007 or early 2008.

      "I'm looking forward to Nov. 14,"Chesley said.

      The state will contribute $25 million and Tracy will pay $350,000
      toward the estimated $96.6 million project. The state will repay the
      transportation agency loan over three years, beginning in 2008.

      Also at Wednesday's meeting, Chairman Gary Haskin updated the board on
      the search for a permanent executive director. He said the executive
      committee will meet Nov. 18, at which time Murray & Associates, the
      recruitment firm the board hired, will present a between four and six
      candidates.

      [BATN can suggest a number of Bay Area CMA directors ripe for export.]

      The committee will narrow those down to the best three, who will be
      interviewed when the group meets again Dec. 2, and SJCOG hopes to have
      a permanent executive director hired by Dec. 18, Haskin said.



      [BATN: See also:

      Editorial: I-205 widening CTC/San Joaquin County loan deal (30 Sep 2005)
      http://groups.yahoo.com/group/BATN/message/26679

      Congestion to be solved forever: I-205 widening deal approved (30 Sep 2005)
      http://groups.yahoo.com/group/BATN/message/26678

      CTC approves $158m widening of I-205 to six lanes (30 Sep 2005)
      http://groups.yahoo.com/group/BATN/message/26672

      ]
    Your message has been successfully submitted and would be delivered to recipients shortly.