The Santa Cruz County Regional Transportation Commission was delighted when it finally hammered out the deal to purchase the 32-mile Union Pacific rail line with an assortment of state funds totaling $21 million. Unfortunately, what they failed to realize is that the state promising them $21 million is like me promising them $21 million—wish I could, but it ain’t gonna happen so fast.
The purchase should get $11 million from Proposition 116 funds. The problem is that an additional $8.8 million is scheduled to come from discretionary transportation funds, which have long been subject to cuts. And even Prop 116 funds could be postponed, and they are set to expire in July.
One suggestion has been to borrow the money from the Coastal Conservancy. This, however, is being challenged by Dene Bustichi, a county transportation commissioner and Scotts Valley Councilmember, who says that the interest on the loan could cost the Regional Transportation Commission as much as $1 million per year. Read more at the Santa Cruz Sentinel.
