Los Angeles County Supervisor Michael D. Antonovich and City of Santa Clarita Mayor Frank Ferry announced the transfer of $5 million from the County to the City of Santa Clarita to help fund the completion of the Magic Mountain Parkway/I-5 interchange project managed and administered by the City of Santa Clarita.

The total cost for the project, including design, environmental work, property acquisition and construction is approximately $48 million.

The completion of the Magic Mountain Parkway/I-5 interchange construction continues the County's support of the project -- the County previously contributed $4.7 million for the Magic Mountain Parkway project in June 2008.

Other partners in this important public-private collaborative include Caltrans, MTA/METRO and Newhall Land.

"This improved freeway interchange will benefit the area's transportation system by improving mobility, enhancing safety, helping to alleviate congestion, and greatly increase capacity of the interchange," Supervisor Antonovich said.

"This project is a great example of a public private partnership that benefits our entire Valley. The City is very pleased to be charged with leading this important project," Santa Clarita Mayor Frank Ferry said.

The funding Santa Clarita received is largely due to the City and County's long-standing cooperative agreement that facilitates the transfer of Bridge and Major Thoroughfare District funds between agencies. The joint agreement assists in the construction of high priority transportation projects throughout the Santa Clarita Valley.