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The three components of the project - replacing the outdated Transbay Terminal with a modern transit hub; extending the Caltrain rail line 1.3 miles into the heart of the Financial District; and redeveloping the area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

Transdev to operate The Fairfax Connector services

The base amount of the contract (start-up and first five years) is approximately $443 million.

Texas' Capital Metro to add Proterra buses, charging infrastructure

Joins a growing list of agencies implementing battery-electric bus fleets and is the fifth city in Texas to purchase Proterra electric buses.

Chicago launches program to prioritize bus service on popular routes

Mayor Emanuel allocated $5 million toward unsnarling bus slow zones at bottlenecks and pinch points to improve service.

Last chance to apply for METRO's Innovative Solutions Awards

This is a great opportunity to highlight the successes of your bus operation or company.

Renewable natural gas on-road fuel use reaches historic high

Over the last five years, RNG use as a transportation fuel has increased 577%, displacing over seven million tons of carbon dioxide equivalen.

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