The /*MTA Board*/ is gambling that it will be able to put together funding for the project. Right now, MTA has $372 million of the $1.03 billion needed for construction. MTA staff says that's enough to keep work on the project going for about 18 months.
Most of the funding is expected to come from state and federal sources, including $730 million in state transportation bond money that has been withheld due to the state's financial crisis.
MTA Board staff admits that it's risky to begin the project without all the funding in place, but they say waiting to start could cost Metro $189.9 million in /*federal stimulus funds*/ allocated for the project.
"It's too important to this region and the jobs it creates are too important," said Doug Failing, a nonvoting MTA board member appointed by the governor.
The project is expected to create thousands of much needed jobs in Southern California.
A contract to design and build the project had been awarded to Kiewit Pacific Co.
City News Service contributed to this story.
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