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Lynnwood Link Extension

A map of the Lynnwood Link Extension project
Project Type
Public Transit
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Central Puget Sound Regional Transit Authority (Sound Transit)
Project Description

The Lynnwood Link Extension will extend the Link rail system by 8.5 miles from Northgate Transit Center in Seattle north into Shoreline, Mountlake Terrace, and Lynnwood Transit Center in Snohomish County.  The Project includes the construction for four new stations, the addition of 1,500 parking spaces, and the acquisitions of 34 light-rail vehicles.  The Project also includes partial funding for the construction of the Operations & Maintenance Facility: East, which will support maintenance of the light rail vehicles and vehicle dispatching.

Project Link
Lynnwood Link Extension
Project Details
TIFIA Assistance
$657.90M
Primary Revenue Pledge
Sales Tax Revenues
Project Cost
$3124.80M
Fiscal Year Closed
FY2019
Duration/Status
Ribbon-cutting Ceremony August 30, 2024
Funding Sources
Sound Transit Tax Revenue: $1.21 billion
Full Funding Grant Agreement: $1.17 billion
TIFIA Loan: $657.9 million
Bond Proceeds: $84.7 million
Grant Revenue - Other Federal: $8.5 million
Project Delivery/Contract Method
Sound Transit’s Design, Engineering, and Construction Management Department is principally responsible for the final design and construction of all major capital projects. For this project they will use a combination of:

Three General Contractor/Construction Manager (“GC/CM”) contracts: two for civil works and one for system, under the state of Washington regulatory requirements RCW 39.10.
A Design Build (“DB”) contract for the development of the OMFE facility
A Procurement contract for the light rail vehicles
Project Participants
Central Puget Sound Regional Transit Authority
Project Advisers/Consultants
To Sound Transit:

Financial Advisor – Piper Jaffray
Legal Advisor – Foster Pepper
To USDOT Build America Bureau:

TIFIA Financial Advisor – Scully Capital
TIFIA Legal Advisor – Shearman & Sterling LLP
Project Lender
USDOT Build America Bureau, Bondholders
Credit Assistance Detail
Direct loan: Up to $657.9 million.  The TIFIA loan will be repaid through pledged gross tax revenues.
Financial Status
The TIFIA credit agreement was executed on December 19, 2018, and is expected to mature in 2059.
Innovations
The Lynnwood Link Project is the third project to reach financial close under a Master Credit Agreement (MCA) executed by USDOT and Sound Transit in December 2016 that provided a $1.991 billion contingent commitment to the Borrower.  The MCA provides Sound Transit certainty, predictability and efficiency for projects under the MCA.
Application Details
Applicant
Sound Transit
Credit Agreement Executed
Initial Eligibility Review
Complete
Creditworthiness Review
Complete
Application Review
Complete
Estimated Project Cost
$3124.80M
TIFIA Request
$657.90M
Instrument Type
Direct Loan