Rail

L.A. Metro receives $545M loan for light rail construction

Posted on October 3, 2012

The Los Angeles County Metropolitan Transportation Authority (Metro) has received a $545.9 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to advance construction of a new light rail transit line along the Crenshaw corridor that will enhance access to existing transit service throughout Los Angeles.

The Crenshaw/LAX transit corridor project consists of a new 8.5-mile light rail line and at least six new transit stations with off-street parking. The line will connect existing rail service on the Metro Green Line with the Metro Exposition Line, which recently opened for service, making it easier for low-income residents, seniors and other riders to reach downtown Los Angeles, the Westside, South Bay and the cities of Inglewood, Hawthorne and El Segundo. The project also includes a new transit vehicle maintenance and storage facility.

The TIFIA credit program is designed to fill market gaps and leverage substantial private co-investment by providing supplemental and subordinate capital. Each dollar of federal funds can provide up to $10 in TIFIA credit assistance and support up to $30 in transportation infrastructure investment.

Since its launch, the TIFIA program has helped 27 projects turn $9.2 billion in DOT assistance into $36 billion in infrastructure investment across America. The recently enacted transportation bill, Moving Ahead for Progress in the 21st Century (MAP-21), transforms TIFIA into the largest transportation infrastructure loan program in history, making available up to $17 billion in credit assistance for critical infrastructure projects.

The Department's TIFIA program, which provides credit assistance for infrastructure projects, provided the $545.9 million toward the $1.75 billion Crenshaw/LAX transit corridor project. The TIFIA loan was made possible through a TIGER (Transportation Investment Generating Economic Recovery) II grant. Projects were selected based on their ability to contribute to the long-term economic competitiveness of the nation, improve the condition of existing transportation facilities and systems, increase livability and create or preserve jobs quickly.

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

More News

Alstom awarded contract for 25 more 'Jazz' trains

The new orders, which are exercised as two options under a contract signed in 2012, bring Trenitalia’s mostly Italian Jazz fleet to 95 trainsets.

Japanese maglev train breaks own speed record

The train reached 375 miles per hour in a test run on Tuesday, surpassing its previous record of 361 miles per hour set in 2003. The train traveled for just over a mile at a speed exceeding 373 miles per hour.

VRE making first service expansion in 23 years

The $3.4 million North Virginia station is the first of several major projects the agency is pursuing as part of its goal to double ridership by 2040. Next month, it will launch a mobile app to give riders the option of purchasing and showing tickets via smartphones, and it will add a train to the Fredericksburg Line this summer.

N.Y. subway ridership reaches 65-year high

The increased number of customers creates challenges for the MTA to operate the subway system while minimizing delays, crowding and inconvenience. The subway system has traditionally performed maintenance work during off-peak hours, which are now experiencing record ridership.

Mass. Gov. to unveil sweeping MBTA reforms

Gov. Charlie Baker recently secured the resignations of the six Patrick administration appointees on the state transportation board and had a "clarifying" conversation with the MBTA’s interim boss Frank DePaola after he went public with concerns about the governor’s plan.

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