A memorandum of understanding has been reached on moving forward with a mag-lev train between Chattanooga and Atlanta, Joe Ferguson, executive director of the Enterprise Center, said Tuesday.
He said the agreement is between Chattanooga, the Georgia Department of Transportation and the Cumberland Improvement District.
Mr. Ferguson said the latter group from Marietta is providing $875,000 toward the project. The city of Chattanooga's share will be $300,000.
He said the project will now be eligible to seek federal funding. He said Congress has made $45 million available for mag-lev projects.
Mr. Ferguson said a request for proposals will now go out for preparing an environmental impact statement on the ambitious project.
He said it will deal with environmental issues, determine the best route, and where stations should be located.
Mr. Ferguson said it will take about eight years to build the line.
He said it would allow a passenger to travel from downtown Chattanooga to downtown Atlanta in about 30 minutes.
He said the study should take about 18 months and it will use data collected in 2001 and 2002 as well as new studies.
Mr. Ferguson said it will be "an absolutely huge economic development project, similar to building an interstate highway."
He said, "It's going to happen, though I may not live to see it."
He said the train would be able to reach speeds up to 300 miles per hour.
Mr. Ferguson said the TransRapid firm in Germany has built a successful line in Shanghai, China, that is being expanded by another 125 miles. He said TransRapid officials will be in Chattanooga on Dec. 2 to meet with the Enterprise Center board.
Mr. Ferguson said the Georgia Department of Transportation is not providing any funding, but will manage the project. He said Chattanooga will have a seat on the board as will the Tennessee Department of Transportation.