State To Direct $70 Million In Cap And Trade Money To Fresno
The State of California is promising to spend an unprecedented amount of new money investing in Fresno. The state is planning tens of millions of dollars from its cap and trade funds.
Governor Jerry Brown is recommending spending $70 million of cap and trade money in Fresno.
The funds come from pollution credits and are set aside to aid the most heavily polluted and poor areas.
The City of Fresno expects to get half of all the climate change money that the state has designated for those communities.
Fresno Mayor Ashley Swearengin says this is a huge boost to development in downtown Fresno…
“These dollars can be spent for revitalization. For projects that would help support cleaning our air, building our local economy and improving the quality of life in the heart of our city which we know is desperately in need of repair,” Swearengin said.
Swearengin says the money will likely be spent on projects like mixed use housing around the high-speed rail depot, enhanced public transportation options, and more urban green space.
According to the city, this is the largest single investment ever made by the state in Fresno.