The amount of $420 million was initially programmed for the Caldecott Fourth Bore Project, which includes the following four construction contracts: 1) Construction of the Caldecott Fourth Bore; 2) Realignment of the Westbound State Route 24 to Northbound State Route 13 ramp; 3) Kay Street Improvements and 4) Highway Planting, to be awarded in 2014. This programmed amount, comprised of federal, state and regional/local funds, covered the expenditures for environmental clearance, design, right-of-way and construction support, as well as payment to the four construction contractors.
Due to bid savings on the tunnel and ramp contracts, the California Transportation Commission (CTC) and the Federal Highway Administration (FHWA) de-obligated a portion of the Corridor Mobility Improvement Account (CMIA) and the American Recovery and Reinvestment Act (ARRA) funds, respectively. The revised programmed funding for the entire project is now $417 million.
These funds are the proceeds of general obligation bonds approved by California voters in November 2006 as Proposition 1B. CMIA funds are allocated by the California Transportation Commission for projects that improve the performance of the state highway system and its major access routes.
ARRA funds (from the American Recovery and Reinvestment Act of 2009) are commonly known as federal stimulus funds. These stimulus funds replaced a large portion of Corridor Mobility Improvement Account (CMIA) funding for the project, money that would have been derived from bonds. However, bonds became difficult to finance during the financial crisis of 2008/09. To solve the liquidity problem, state and regional officials secured federal stimulus funds, which kept the project financed and on schedule.
In November 2004, Contra Costa County voters passed Measure J, an initiative that continued a 1988 half-cent sales tax to fund transportation projects. The availability of these local government funds was the impetus for obtaining additional funds from the federal, state and regional governments to fully fund the project.
Regional Measure 2, passed by voters on March 2, 2004, raised the toll on the seven Bay Area state-owned toll bridges from $3.00 to $4.00. The additional dollar is used to fund congestion relief projects in the Bay Area, including the Caldecott Fourth Bore Project.
The Traffic Congestion Relief Program (TCRP) provides state funds used to finance congestion relief projects in California.
State Transportation Improvement Program (STIP) funds are state funds used to finance state, regional and local transportation projects.
Safe, Accountable, Flexible, Efficient Transportation Equity Act ...a Legacy for Users. These are federal funds established via a 2005 surface transportation congressional bill.