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

Ill. bill doubles fines for drivers who illegally cross railroad tracks

The legislation doubles the fines from $250 to $500 for a first offense and from $500 to $1,000 for a second or subsequent offense.

FTA's Flowers testifies on D.C. Metro rail safety oversight progress

Through a comprehensive Safety Management Inspection, three Safety Directives, two immediate action letters, and ongoing inspection and investigation activity FTA safety oversight is requiring WMATA to take numerous positive actions to improve safety for passengers and workers.

Siemens consortium to deliver 22 trains to Bangkok

Delivery of the first metro trains is scheduled in 2018, and the order will be completed in the following year.

Sacramento RT considering closing light rail line indefinitely

The agency opened its $44 million Green Line only four years ago; however, the line currently averages only 440 boardings a day with limited service, and costs RT $330,000 annually to operate.

L.A. Metro celebrates launch of Expo Line to Santa Monica

The 6.6-mile Expo extension runs from Culver City to Santa Monica and includes seven stations. Ridership on the new portion is projected to total 18,000 to 20,000 weekday boardings after the first year of service. The travel time from downtown L.A. to the Downtown Santa Monica Station is 48 minutes.

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 number 1 resource for vocational 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