The U.S. Department of Transportation recently issued the Napa Valley Transportation Authority (NVTA) a 35-year Transportation Infrastructure Finance and Innovation Act (TIFIA) loan of up to $19.92 million under the Rural Projects Initiative for the Vine Bus Maintenance Facility Project.
The project involves the construction of a 31,504–square-foot transit maintenance facility in Napa, Calif. The facility will replace NVTA’s leased transit yard and will have a life expectancy of 40 years.
The facility will include charging infrastructure for NVTA’s new electric bus fleet.
The project is expected to spur growth and development in the area and create 624 direct and indirect jobs.
The Build America Bureau provides TIFIA and other surface transportation infrastructure financing.
“The bureau is pleased to work with the Napa Valley Transportation Authority to bring this project to fruition through low-interest, long-term financing,” Morteza Farajian, Build America Bureau executive director, said. “The new TIFIA Rural Projects Initiative provides affordable options for communities to move critical projects forward.”
TIFIA Rural Projects Initiative provides loans of up to 49 percent of the project’s eligible costs and with fixed interest rates equal to one-half of the U.S. Treasury rate of equivalent maturity of the loan at the time of closing.