USDOT’s Build America Bureau provides $327 million in low-interest TIFIA and RRIF Loans to Sound Transit
The U.S. Department of Transportation’s (USDOT) Build America Bureau has provided low-interest Transportation Infrastructure Finance and Innovation Act (TIFIA) and Railroad Rehabilitation & Improvement Financing (RRIF) Loans totaling $327 million to Sound Transit for improvements to the transit system.
“USDOT's $327 million in loans to support Sound Transit’s light- and commuter-rail lines supports an alternative to car travel on congested roadways and improve connections to jobs, healthcare and educational opportunities,” said USDOT Deputy Transportation Secretary Polly Trottenberg. “Construction of these three new projects will reduce carbon emissions and improve air quality.”
The TIFIA and RRIF Loans will finance three projects:
- Hilltop Tacoma Link Extension (TIFIA loan for $93.3 million, 33 percent of total $282.7 million cost)
◦ Extend the light-rail line by 2.4 miles
◦ Build six new stations and relocate one station
◦ Purchase five new light-rail vehicles
◦ Improve bike/pedestrian infrastructure
- Elevated Light-Rail Platform Along Lynnwood Link Extension (TIFIA loan for $79.3 million, 33 percent of total $240.2 million cost)
◦ Build a new light-rail station in North Seattle
◦ Build new bus and paratransit facilities
◦ Add sidewalk and bike infrastructure
◦ Expand an operations and maintenance facility
- Sounder Access Improvements (RRIF loan for $154.2 million, 49 percent of total $314.6 million cost)
◦ Improve access for hundreds more people at three stations
◦ Construct new sidewalks and improve street lighting
◦ Expand existing, insufficient parking facilities for transit users without the ability to walk or bike to a station
“Sound Transit is our largest borrower, now at $4.17 billion,” said Build America’s Bureau Executive Director Morteza Farajian. “They are leveraging low-interest financing to build critical projects that will benefit passengers for years to come.”
Sound Transit estimates the loans will save $245 million through 2046 when the agency's voter-approved expansion plan is expected to be completed and a total of $445 million over the entire life of the three loans.
“Strong partnership with the federal government is crucial to our success, and these loans signal a shared commitment to reinvest in the nation’s infrastructure and help us build the transit network our region needs,” said Sound Transit Board Chair and King County Executive Dow Constantine. “We thank USDOT and our congressional delegation for investing in residents’ future.”
To date, USDOT has closed more than $38.9 billion under TIFIA financing program, supporting more than $133 billion in infrastructure investment across the country and $7.6 billion under RRIF program.
