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Clark County, Nevada Commissioners earlier this week took steps to advance financing of Virgin Trains’ proposed high-speed rail project that would link Las Vegas and Southern California.
The commission unanimously approved findings made by the Nevada Department of Business and Industry related to the financing of the project being proposed by DesertXpress Enterprises LLC, Clark County officials said in a press release. DesertXpress Enterprises is an affiliate of Virgin Trains USA.
In 2019, Virgin Trains 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, the Las Vegas Sun reported last year.
"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 a press release. Naft's district includes the land for the future rail line and the Las Vegas train station.