Progressive Railroading

Newsletter Sign Up
Stay updated on news, articles and information for the rail industry



This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.






Rail News Home Passenger Rail

7/7/2011



Rail News: Passenger Rail

USDOT includes LACMTA subway extension in TIFIA loan applicant pool


advertisement

The U.S. Department of Transportation (USDOT) has included the Los Angeles County Metropolitan Transportation Authority’s (LACMTA) Westside Subway extension in a pool of eight projects that are seeking approval for the federal Transportation Infrastructure Finance and Innovation Act (TIFIA) loan program, LACMTA officials said in a prepared statement issued yesterday. A pool of 34 project sponsors had sought TIFIA loans totaling more than $14 billion.

The USDOT decision means LACMTA now can submit a final TIFIA loan application and await final approval. LACMTA is seeking a $640.8 million TIFIA loan for the Westside Subway extension. The loan would be paired with a suggested Qualified Transportation Improvement Bond program, agency officials said.

The TIFIA program is designed to fill market gaps and leverage private and other non-federal investments by providing additional capital for projects.

“Today’s announcement is a critical step towards creating an ambitious, multi-faceted transit network,” L.A. Mayor and LACMTA Chairman Antonio Villaraigosa said. “With this latest, generous loan commitment from the federal government, we will extend the Purple Line from Koreatown to Century City all the way into Westwood, better serving the 300,000 commuters that pour into these job centers every day.”




Contact Progressive Railroading editorial staff.

More News from 7/7/2011