High-speed rail: economic opportunities.

Senator Cortese's high-speed rail economic opportunities legislation directs the Office of Land Use and Climate Innovation to conduct a comprehensive study examining development and funding possibilities along California's high-speed rail corridor. The study, due by January 2027, must evaluate multiple funding mechanisms to support the rail system's capital program while analyzing potential development opportunities near stations and along the rail alignment.

The legislation outlines specific study requirements, including assessment of infrastructure district creation, exploration of public-private partnerships, identification of federal funding sources, and examination of development opportunities on publicly owned parcels. The study must also evaluate methods to provide direct benefits to communities adjacent to stations and along the corridor, such as density bonuses and streamlined permitting processes. Local jurisdictions along the route will be surveyed to identify economic incentives that could encourage state-local partnerships.

The bill establishes parameters for infrastructure districts created to support the rail project, requiring them to fund local improvements through district revenues. Any additional revenues generated beyond district establishment must be allocated to the high-speed rail system's ongoing maintenance and operations. According to the bill's findings, the project has already created over 14,000 construction jobs and engaged more than 800 small businesses, while investing $6.6 billion in disadvantaged communities.