The Build America Bureau recently provided the Central Puget Sound Regional Transit Authority (Sound Transit) with three low-interest loans totaling $327 million for transit system improvements.
The first loan, a $154.2 million Railroad Rehabilitation & Improvement Financing Loan, will help finance the Sounder Access Improvements. The project will improve access at three stations, build new sidewalks, improve street lighting, and expand parking facilities for transit users without the ability to walk or bike to a station.
The second loan, a $79.3 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan, will help finance the Elevated Light Rail Platform Along Lynnwood Link Extension. The project will construct a new light rail station in North Seattle and new bus and paratransit facilities, and add sidewalk and bicycle infrastructure.
The third loan, a $93.3 million TIFIA loan, will help finance the Hilltop Tacoma Link Extension. The project will extend a light rail line by 2.4 miles, construct six new stations, relocate one station, purchase five new light rail vehicles, improve bike/pedestrian infrastructure, and expand an operations and maintenance facility.
Sound Transit estimates the loans will save $445 million over the life of the loans and $245 million through 2046, when the agency’s voter-approved expansion plan is expected to be complete.