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The credit agreement is the first of its kind in the nation in supporting four separate Sound Transit projects. It is expected to yield regional taxpayers long-term savings of between $200 million and $300 million in reduced borrowing costs.
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The USDOT Build America Bureau and the City of Chicago are entering into an EmPA agreement, under which Chicago can work closely with USDOT with the ultimate goal of seeking up to $1 billion in federal funding for the project.
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Coupled with Metro’s $747 million local match made possible by 2008’s Measure R sales tax, $2.4 billion is now secured to continue construction of one of L.A. County’s most critically needed public transit projects.
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The newly created entity within the U.S. DOT streamlines access to federal credit and grant opportunities while providing technical assistance to project planning, financing, delivery, and monitoring.
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Transportation Secretary Anthony Foxx launched the Build America Bureau earlier this year to provide a one-stop-shop for state and municipal governments to find innovative solutions to funding critical infrastructure projects.
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The new vehicles will help meet growing ridership demand and improve security with up-to-date technology. Modernizing CTA’s rail fleet also will improve the reliability of transit service and give passengers a smoother, more comfortable ride.
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Significant upgrades to the track, power supply, and signal system along the 19-mile stretch of the Blue Line between the Loop and O’Hare Airport stations will reduce and eliminate “slow zones,” resulting in faster, more reliable service.
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Includes a six-year $478 billion surface transportation reauthorization proposal that would improve America’s highways, ports and transit networks.
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The 14.5-mile light rail extension, one element of a 50-mile system, will connect some of the region’s most populated and fastest-growing areas to Sound Transit’s existing rail system at the International District/Chinatown Station, which runs from downtown Seattle to SeaTac Airport.
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When combined with the $1.278 billion TIFIA loan to the Metropolitan Washington Airports Authority that closed in August, the U.S. Department of Transportation has provided $1.87 billion in TIFIA loans to support the construction of Phase Two, which represents the largest TIFIA assistance for a single project in the program’s history.
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