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Yesterday, the California High-Speed Rail Authority (CHSRA) board approved a revised business plan that promises to provide high-speed rail service within a decade, use existing infrastructure in northern and southern California, and provide Bay Area and Los Angeles commuters benefits sooner — for a lowered cost of $68.4 billion.

The board approved the plan with an amendment that commits CHSRA to work with Orange County transportation agencies to identify cost-effective ways to establish a direct connection to and from Anaheim, which previously was not included in the business plan.

Meanwhile, the board approved a memorandum of understanding (MOU) with southern California transportation agencies and metropolitan planning organizations. The document outlines a shared commitment to advance high-speed rail development while providing funds for local early investment projects in southern California that will improve rail service sooner than previously expected. The agreement sets the stage for construction to begin on southern California infrastructure projects as early as next year, according to CHSRA.

The board also approved an MOU with northern California transportation entities to electrify the Caltrain commuter-rail corridor from San Jose to San Francisco. The agreement calls for local and regional agencies to provide funding for a little more than half the $1.5 billion cost. The authority would provide $706 million in 2008 Proposition 1A bond funds.