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Northgate Link Extension

Nortgate Map
Project Type
Public Transit
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Central Puget Sound Regional Transit Authority (Sound Transit)
Project Description

The Project expands the Borrower’s existing transit system in the Seattle, Washington, area, by adding 4.3 miles of light rail, running mostly underground, and three stations at Northgate Transit Center, Roosevelt neighborhood, and the University District near the west side of the University of Washington Campus.  The Project will be the first project to reach financial close under a Master Credit Agreement, providing a $1.991 billion contingent commitment to the Borrower to fund, through individually approved loans, portions of four projects, including this Project.  The other projects include: Operations & Maintenance Facility: East, Lynnwood Extension, and Federal Way Link Extension.

Project Link
Project Website
Project Details
TIFIA Assistance
$615.30M
Primary Revenue Pledge
Sales Tax Revenues
Project Cost
$1864.00M
Fiscal Year Closed
FY2017
Duration/Status
Substantial completion was achieved in 2021.
Funding Sources
Sound Transit Sales Tax Revenues:  $932.9 million
TIFIA Loan:  $615.3 million
Bond Proceeds:  $244.4 million
Grant Proceeds:  $71.8 million
Project Delivery/Contract Method
Design-Build
Project Advisers/Consultants
To Sound Transit:

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

TIFIA Financial Advisor – Taylor DeJongh/Booz Allen Hamilton
TIFIA Legal Advisor – Shearman & Sterling LLP
Project Lender
USDOT
Credit Assistance Detail
Direct loan: $615.3 million.  The TIFIA loan will be repaid with sales/use, rental car, and motor vehicle taxes.
Financial Status
The TIFIA credit agreement was signed on December 22, 2016. Principal repayment of the TIFIA loan will begin in 2021, and will amortize through final maturity anticipated in 2056.
Innovations
The first of four projects included as part of a Master Credit Agreement (MCA) – a first-of-its-kind arrangement in which the local transit authority will be able to expedite multiple loan requests under a single agreement with the federal government.