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

Maryland maglev project garners local chambers of commerce support

The Superconducting Maglev (SCMAGLEV) train will start with a 36-mile route from Washington, D.C. to Baltimore City.

Alstom-Bombardier consortium lands French railcar order

The confirmed part of the contract covers the delivery of 44 trains for a sum of over $587 million, which may be supplemented by options exercised for a total of up to 410 trains.

Texas Central signs with Kiewit unit to prep for high-speed rail install

Mass. Electric will focus on core system, safety elements, including all necessary power, signaling and communications equipment.

LAN selected for Calif. platform extension project

The project will extend the ACE platform at Fremont station by 400 feet to accommodate longer 10-car trains.

LIRR safety fixes 'virtually eliminated' motorists turning onto tracks

The FRA recommends other railroads review program, which uses flexible delineators at railroad crossings and enhanced GPS alerts.

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