VICTORVILLE, Calif. — The California Infrastructure and Economic Development Bank on Wednesday approved $3.25 billion in bonds, a critical step that will allow Virgin Trains USA to move forward on its plans to build a high-speed train between Las Vegas and Victorville.
The move allows private institutional investors to purchase the bonds, thereby providing funds for the project.
Virgin Trains USA has said it plans to begin construction in 2020.
“This is a monumental day in the history of the High Desert,” San Bernardino County First District Supervisor Robert A. Lovingood said. “This high-speed rail project across San Bernardino County will provide an economic engine that this area has never seen before, from construction and tourism to support services. This is a day to remember.”
Supervisor Lovingood said the rail project will infuse $46.9 million annually into San Bernardino County with the creation of jobs, housing, retail, and commercial activity.
The daily trains will travel the 180-mile distance between destinations in about 90 minutes, reaching speeds of 150 miles per hour.
The company also plans to build a station on 80 acres in Victorville and acquire 225 acres for housing and retail/commercial development near the station in North Victorville.