Posts Tagged ‘Desert Xpress’

Nevada County Advances Plans for Las Vegas Route

July 23, 2020

The commissioners of Clark Clark, Nevada, have approved the findings of the Nevada Department of Business and Industry related to the financing of the project being proposed by DesertXpress Enterprises.

The latter, which is has proposed building a high-speed rail line between Las Vegas and Southern California, is a division of Virgin Trains USA.

The action by the commissioners will advance financing of the project.

Virgin last year applied to the Nevada Department of Business and Industry for the right to sell $200 million worth of private activity bonds. With the commission’s approval, the rail company can now leverage as much as $1.2 billion for the project.

“We have been working to achieve high-speed rail between Clark County and Southern California for decades and today’s approval marks a significant milestone in that long process,” Commissioner Michael Naft said in statement.

Virgin Gets Extension on Vegas Route Bond Sale

July 3, 2020

The Virgin Trains USA has received a five month extension for its efforts to sell bonds to finance development of a route to Las Vegas.

Virgin subsidiary Desert Xpress Enterprises is seeking to sell $3.25 billion in private activity bonds to help fund the high-speed rail line between Las Vegas and Southern California.

The Bond Buyer reported that the California Infrastructure and Economic Bank approved the extension, which Desert Xpress sought because of market turmoil caused by the COVID-19 pandemic.

Virgin used similar financing to pay for the extension of its Brightline service to Orlando, which is now under construction.

In a related development, the California Department of Transportation will allow Virgin to build on state-owned right-of-way along Interstate 15 east of Apple Valle near Victorville.

Approximately 135 miles of the planned 170-mile high speed route will be in California.

In a news release, Caltrans Director Toks Omishakin called the agreement “a major milestone.

Virgin Gets OK to Sell Bonds for Las Vegas Route

November 6, 2019

Virgin Trains USA received approval last week to issue $3.25 billion in development bonds to be used to pay for its Desert Xpress high-speed rail service between Las Vegas and Southern California.

The California Infrastructure and Economic Development Bank approved what observers said is the largest bond request in history of the state’s public sector development bank.

The development bank noted the project will create nearly 16,000 construction jobs and 400 permanent jobs once the trains are in operation.

The line will initially terminate in Victorville, California, although Virgin has said it wants to eventually extend service into Los Angeles.

The bond sales are expected to begin in the first quarter of 2020 with operations projected to start in 2023.