The U.S. Department of Transportation's Build America Bureau will provide the Central Puget Sound Regional Transit Authority with low-interest loans of up to $327 million.
The funds will expedite three Sound Transit projects intended to enhance the travel experience for transit users in Washington State, according to a May 5 news release.
“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,” Sound Transit Board Chair and King County Executive Dow Constantine said in the release.
The Hilltop Tacoma Link Extension project, receiving a Transportation Infrastructure Finance and Innovation Act loan of $93.3 million, will extend the light rail line by 2.4 miles, construct six new stations, purchase five additional light rail vehicles and improve bike and pedestrian infrastructure while expanding operations and maintenance facilities, the release reported.
The Elevated Light Rail Platform Along Lynnwood Link Extension project will be supported by a TIFIA loan of $79.3 million, facilitating the construction of a new light rail station in North Seattle, new bus and paratransit facilities and the addition of sidewalk and bike infrastructure, according to the release.
Additionally, the Sounder Access Improvements project will receive an Railroad Rehabilitation and Improvement Financing loan of $154.2 million to improve access at three stations, construct new sidewalks, enhance street lighting and expand insufficient parking facilities for transit users without alternative means of transportation, the release said.
“DOT'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," Deputy Transportation Secretary Polly Trottenberg said in the release. "Construction of these three new projects will reduce carbon emissions and improve air quality.”
Sound Transit predicts the loans will result in savings of $245 million through 2046 when the agency's expansion plan is set to be completed and a total of $445 million during the lifespan of the three loans, according to the release.
Bureau Executive Director Morteza Farajian praised Sound Transit's commitment to leveraging low-interest financing, the release reported.
“Sound Transit is our largest borrower, now at $4.17 billion," Farajian said in the release. "They are leveraging low-interest financing to build critical projects that will benefit passengers for years to come.”
