Industry, Mayors Endorse 30-10 To Mobilize Local Capital
The appeal of the “30-10 plan” as a model for a national infrastructure financing program is heightened given the importance of investing in infrastructure now, during the current recession, to create jobs and prosperity – much like the New Deal did during the Great Depression. Moreover, 30-10 would do so without increasing federal debt, and provide a way to get investors investing again.
The importance of infrastructure investment as a strategy to grow the economy and create jobs was evidenced by the recent release of a joint statement by two unlikely allies, the US Chamber of Commerce and the AFL-CIO – the ultimate business-labor coalition. Responding to President Obama’s call to rebuild the nation’s infrastructure in his State of the Union address, the joint statement stressed the importance of investments in infrastrucure to keep the country competitive in the global economy.
Move LA’s partnership with LA Mayor Antonio Villaraigosa and LA Metro has sparked the interest of other mayors, and Move LA Executive Director Denny Zane – himself a former mayor of Santa Monica – is reaching out to mayors in Southern California and across the U.S. to gather signatures for a national 30-10 petition.
Move LA is also reaching out to industry, most recently to national associations including the American Council of Engineering Companies, the Construction Managers Association of America, and the Urban Land Institute. These national
business groups see 30-10 as a model for accelerating infrastructure investment and are interested in mobilizing their members across the U.S. to promote innovative infrastructure financing mechanisms like 30-10.
“The ’30-10 plan’ is a game-changer,” Denny says. “It’s an innovative financing tool that can mobilize local costituencies and local funding sources in a way that didn’t exist before.”