Bus

Transbay center project reaches funding milestone

Posted on September 18, 2009

On Thursday, the Transbay Transit Center Project reached an important milestone as the credit council in Washington D.C., recommended to the U.S. Department of Transportation (DOT) Secretary the unanimous approval of a $171 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for the project.

Based on sound financing and credit reviews, which require an investment grade credit rating, the loan will help fund 14 percent of the project's phase I capital costs to build the new $4 billion Transit Center in downtown San Francisco. The project is funded through local, state and federal funding sources.

"We are very grateful to the council for this unanimous recommendation of approval," said Maria Ayerdi-Kaplan, Executive Director of the Transbay Joint Powers Authority (TJPA). "This important step will help us move the project forward and bring to fruition the largest, fully approved transportation project in the country."

The Transbay Transit Center Project, which will replace the current Transbay Terminal with a new, multi-modal transportation center and centralize the region's transportation network by accommodating nine transportation systems under one roof, will make public transit a more convenient option in the Bay Area, much as it is in other world-class cities.

The three components of the project - replacing the outdated Transbay Terminal with a modern transit hub; extending the Caltrain rail line 1.3 miles into the heart of the Financial District; and redeveloping the area surrounding the Transbay Transit Center with 2,600 new homes (35 percent affordable), parks and a retail main street - will help to return San Francisco to a culture of mass transit, allowing people to travel and commute without the need for a car, thereby decreasing congestion and pollution.

The project broke ground on the temporary terminal in December 2008 and demolition of the current bus terminal is scheduled for February 2010.

For more info, visit www.transbaycenter.org

 

 

View comments or post a comment on this story. (0 Comments)

More News

CHK America completes first tier of GRTC bus stop signage improvements

Tier One modernizes 300 stops along two of GRTC’s busiest routes with each stop receiving upgrades that include new flags with clearly visible route and bus stop numbers as well as eye-level, easy-to-use printed schedule and map information.

Transit management expert to inspire at BusCon 2015 keynote address

The keynote address, “Driving Excellence” will be delivered on Tuesday, Sept. 29, at 11 a.m. by Mark Aesch, CEO of TransPro, a management consultancy that guides transit systems.

Port Authority to realign gates at NYC bus terminal

The changes are aimed at improving bus operations and reducing congestion in the terminal that can stretch back out into the inbound Lincoln Tunnel and beyond.

Mich. BRT plan on track, set for possible 2018 launch

The 8.3-mile route, with a proposed 27 stops, would replace the Capital Area Transportation Authority’s current Route 1 from downtown Lansing to the Meridian Mall. Results from the plan’s environmental assessment study are expected to be shared at a public hearing this fall.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The resource for managers of class 1-7 truck Fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close