Thursday, October 13, 2011

Alameda Corridor Asks SoCal Ports for $6M Support

The agency operating the Alameda Corridor in Southern California has officially requested almost $6 million from the ports of Long Beach and Los Angeles to cover corridor revenue shortfalls in the current fiscal year.

The official notification follows on a request made nearly two-months ago to the two ports made by the Alameda Corridor Transportation Authority (ACTA), which operates the 20-mile-long Alameda Corridor cargo rail line servicing the ports. ACTA told the two ports in August that that the authority required $2.95 million from the port in FY2012 to cover a debt service shortfall on the $2.4 billion corridor, which opened in 2002.

At the time, the request came as a bit of a bittersweet pill because in March, ACTA had told the ports that it would need $9 million in shortfall coverage from each port.

ACTA has stated that increased traffic on the corridor since March has revised the shortfall coverage projection downward to the $2.95 million from each port.