Conference Presentation, Panel
Bay to Basin: Cities Make a Comeback
Milken InstituteMindy Silverstein, Scott Miner, Kevin Clouden, Austin Buechner, William Rusty Bailey, Dale Bonner, Jim Wunderman, Carol Armstrong
- The Milken Institute plans to expand its global footprint while maintaining a firm commitment to California, where its California Center anticipates accelerating work and a continued state recovery.
- Guggenheim aims to identify investment opportunities across the $220 billion it manages for clients globally.
- The California Center expects Riverside's fortunes to improve, citing the mayor's belief that public investment will encourage further capital layering through the five-year Riverside Renaissance capital improvement plan.
- Mayor Bailey projects that legislation to create a Santa Ana River Conservancy will be passed to open funding sources and continue momentum, while also viewing streetcars as a solution for development and social justice that could connect universities and hospitals to increase the regional population to 350,000.
- Dale Bonner forecasts the U.S. public-private infrastructure market will overtake the Canadian market in two to three years, with a U.S. pipeline estimated at $42 billion over the next two years, noting that 15 to 20 percent of assets are suitable for private investment.
- Bonner warns that if a key 2009 statute sunsets in 2016 without reauthorization, private capital may shift away from California, whereas reauthorization and workforce retraining could make the state an exciting investment market.
- Dale Bonner asserts that creating governance structures and identifying public sector "champions" are critical for private investors to negotiate with local authorities.
- Carol Armstrong expects the Army Corps of Engineers to eventually approve concrete changes for LA River ecosystem restoration, though the study has already taken eight years and future projects will require immediate action to avoid higher costs.
- Armstrong notes the LA River Path cannot compete with rail in speed or capacity but will provide safe public access for children and the aging population, potentially serving as an emergency evacuation route.
- Austin Buechner warns that the LA River project will likely require two decades to deliver and anticipates the city must clean up a parcel the community has desired for 20 years to achieve stormwater retention benefits.
- Austin Buechner advocates for a focused public sector approach rather than a "peanut butter" strategy, expecting collaboration between cities and the private sector to expand the regional tourism market.
- Jim Wunderman expects the automated BART connector between Oakland airport and the Coliseum station to begin operations just before Thanksgiving on time and on budget.
- Wunderman projects Caltrain ridership will eventually exceed 100,000 daily riders and expects Google buses to become the Bay Area's fourth-largest transportation system with 45,000 daily trips.
- Wunderman anticipates the need for express lanes to accommodate Google buses and expects drivers to vote to unionize while working long hours for low pay, necessitating infrastructure investments that benefit the broader community.
- A major risk identified by Wunderman is the Bay Area's extreme vulnerability to floods, with a major event possible in approximately 150 years, potentially costing the region tens of billions of dollars if not addressed soon.
- Wunderman expects the flood solution to require a combination of natural grassland solutions and hard infrastructure, noting that the U.S. government and Army Corps are not currently hurrying to respond.
- Wunderman expects Long Beach to seek a private partner for a city hall, park, and library rebuild, requiring at least nine months of community input before a 35-year contract is finalized.
- Dale Bonner and William Rusty Bailey both anticipate that Los Angeles faces similar streetcar funding challenges to those in Riverside, with private investment requiring retooling of public funding streams rather than acting as free money.
- Bailey compares Riverside's potential streetcar model to Tucson's, citing one billion dollars invested along the corridor and 5,000 daily riders, while noting Millennials do not want to own cars.
- Jim Wunderman expects collaboration to solve congestion on Highways 101 and 280 and notes that the Giants' World Series victory has facilitated cooperation between San Francisco and Los Angeles.
- The California Center expects that the state must avoid Detroit-style problems by being more thoughtful and long-term in its infrastructure planning.
- Austin Buechner expects the LA Times to play a role in ensuring the community remains connected and informed regarding civic issues.