The U.S. Department of Transportation (DOT) has approved its first Transit-Oriented Development (TOD) TIFIA loan for the Mt. Vernon Library Commons Project in Washington state. The project, with a loan of up to $26.8 million, is set to provide various amenities for the community and promote sustainable practices.
U.S. Transportation Secretary Pete Buttigieg expressed his enthusiasm for the project, stating, “Having a library, public restrooms, a community center, and a kitchen all under one roof—and only steps away from Skagit station—will be a major benefit for the people of Mount Vernon.”
The Mt. Vernon project, located in downtown Mount Vernon, WA, aims to not only provide essential services but also contribute to the local economy and environment. Bureau Executive Director Morteza Farajian highlighted the project as a transformative opportunity, stating, “By offering an extremely low interest rate of around 2.25 percent, the TIFIA Rural Project Initiative provides notable financial savings that allow the City to invest in other key projects and services.”
Mayor Emerita and Project Administrator, Jill Boudreau, emphasized the significance of the TIFIA loan in making the project feasible, stating, “The interest rate saved $3 million over traditional financing. Our project would not have been possible without this tool.”
In addition to the TIFIA loan, the project has received financial assistance from various federal programs, including a $12.5 million grant from USDOT’S Federal Highway Administration for EV charging infrastructure. The project design allows for the potential creation of the nation's largest regional EV charging hub.
The Build America Bureau, through its lending and coordination efforts, aims to facilitate investment in transportation infrastructure and support projects that benefit communities across the country.