High-speed rail: economic opportunities.

Senator Cortese's high-speed rail economic opportunities legislation directs the Governor's Office of Business and Economic Development to conduct a comprehensive study examining development and funding possibilities along California's high-speed rail corridor. The study, due by January 2028, must analyze potential funding mechanisms, development opportunities, public-private partnerships, and methods to provide direct community benefits to areas adjacent to planned stations and along the rail corridor.

The legislation requires the study to examine specific elements including infrastructure district formation, revenue-generating land uses around stations, goods movement possibilities, and opportunities to secure federal funding. The analysis must also survey local jurisdictions to identify economic incentives that would encourage state-local partnerships and assess housing cost implications through consultation with building industry representatives.

Infrastructure districts using revenue to finance high-speed rail construction must allocate a majority of funds to infrastructure projects within the establishing local agencies' jurisdictions. The bill defines eligible infrastructure districts to include enhanced infrastructure financing districts, community revitalization authorities, community facilities districts, and other agencies created primarily to finance infrastructure projects. A progress report must be submitted to legislative transportation committees by January 2027, with the final study findings and recommendations due to policy and fiscal committees the following year.