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Monterey-Salinas Transit District South County Operations & Maintenance Facility

MSTD
Alternate Project Name
Monterey-Salinas Transit District South County Operations & Maintenance Facility
Project Type
Public Transit
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Monterey-Salinas Transit District (MST)
Project Description

A 14,000 square-foot combined administration, operations, and maintenance facility on a 64.8-acre lot in King City, California.

This project utilized the TIFIA Rural Project Initiative (RPI). 

Read the press release HERE.

Project Link
https://www. mst.org/
Project Details
TIFIA Assistance
$8.45M
Primary Revenue Pledge
Tax Revenues
Project Cost
$17.20M
Fiscal Year Closed
FY2021
Funding Sources
TIFIA Loan - $8.45 million
Federal Grants - $4.28 million
State Grants - $1.53 million
Local Funding - $2.98 million
Project Delivery/Contract Method
The project was procured using a firm fixed-price, date-certain contract.
Project Participants
Public Sponsor: Monterey-Salinas Transit District Construction: Diede Construction, Inc.
Project Advisers/Consultants
To Borrower:
• Financial Advisor: KNN Public Finance, LLC
• Legal: Nossaman LLP

To USDOT Build America Bureau:
• TIFIA Financial Advisor: Ernst & Young
• TIFIA Legal Advisor: Skadden
Project Lender
USDOT
Credit Assistance Detail
Direct loan: up to $8.45 million. The TIFIA loan repayment pledged will be from LTF taxes.
Application Details
Applicant
Monterey-Salinas Transit District (MST)
LOI Fiscal Year Received
FY2020
LOI Received Date
Application Received Fiscal Year
FY2020
Application Received Date
Credit Agreement Executed
Initial Eligibility Review
Review Complete
Creditworthiness Review
Review Complete
Application Review
Review Complete
Estimated Project Cost
$17.20M
TIFIA Request
$8.45M
Instrument Type
Direct Loan