Transbay JPA Closes on $171 million TIFIA loan
|January 27, 2010||Posted by jamie under Transbay Transit Center||
While we await the word on the $400 million ARRA grant from the FRA to build out the subterranean train infrastructure at the Transbay Transit Center (which many speculate will occur tomorrow), good news came yesterday for a portion of funding for the new Transbay Transit Center ….
TJPA Closes on $171 Million TIFIA for Transbay Transit Center Project
Important Funding Milestone Will Allow First Phase of Construction to Begin
The Transbay Joint Powers Authority is excited to announce it has closed on the $171 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for the project. You can read the full announcement here or by visiting us at www.transbaycenter.org.
The loan was made possible based on the TJPA’s sound finance plans, favorable audits and positive credit reviews—requiring an investment grade credit rating. The loan will fund 14 percent of the project’s $1.2 billion Phase I capital costs to build the new Transbay Transit Center Project in San Francisco. The project is funded through local, state, and federal funding sources.
We are grateful for the strong leadership and support of Secretary LaHood and the United States Department of Transportation, Speaker Pelosi, Senators Feinstein and Boxer, Governor Schwarzenegger and Mayor Newsom on behalf of this important project.
In addition, the $171 million TIFIA loan paves the way for the next increment of funding for the train box. TJPA has applied for $400 million in federal economic stimulus funds to construct the below grade train levels of the Transit Center as a part of the first phase of construction, which would ultimately save the project $100 million overall. Announcement of the American Recovery and Reinvestment Act (ARRA) funding is expected this winter.
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As always, thank you for your interest in the project.