LOS ANGELES : Officials, Union Pacific OK Pact on Alameda Corridor

Local officials predicted a significant economic boom to the region Friday as the long-awaited Alameda Corridor rail project took another step closer to reality.

Los Angeles and Long Beach port officials concluded negotiations this week with Union Pacific Railroad, the last of three freight haulers participating in the $1.8-billion transit link from the harbor area to Downtown.

“Today’s agreement moves the corridor from a dream to a reality,” Mayor Richard Riordan said. “This agreement with Union Pacific railroad puts us on the fast track into the 21st Century.”

The next step is securing nearly $1 billion in state and federal funding for the 20-mile transit link. The project is designed to greatly accelerate cargo shipments coming into local harbors by loading freight directly onto high-speed trains. It could be completed by the turn of the century.