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United States Department of Transportation United States Department of Transportation

Tren Urbano

Tren Urbano
Project Type
Public Transit
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Puerto Rico Highway and Transportation Authority (PRHTA)
Project Description

The Tren Urbano is a single-line, 10.7-mile fixed-guideway rapid transit system that serves the municipalities of San Juan, Bayamón, and Guaynabo in Puerto Rico.

Tren Urbano includes 16 stations, a vehicle maintenance and storage facility, 74 rail cars, operations control center, traction power, train control, and communications systems. Most of the system is elevated with a 1.1-mile tunnel section in the Rio Piedras district.

The project was implemented to provide a solution to the continually rising vehicle traffic levels and to bring a new mode of transportation to the most congested sections of the San Juan metropolitan area.

Project Details
TIFIA Assistance
$300.00M
Primary Revenue Pledge
Tax Revenues
Project Cost
$2250.00M
Fiscal Year Closed
FY1999
Duration/Status
Construction began in 1997; operation began December 2004. The project is complete. Revenue service began June 6, 2005.
Funding Sources
Federal Grants: $828.8M
Bond Proceeds: $637.8M
TIFIA Loan: $300M
Other Sources: $483.4M
Project Delivery/Contract Method
Design-Build (stations and 6 alignment sections)
Project Participants
Siemens AG
Project Advisers/Consultants
AECOM - Owner's representative

Kiewit Construction Company - Tunnel construction

To USDOT TIFIA JPO:

TIFIA Legal Advisor: Hawkins Delafield & Wood, LLP
TIFIA Financial Advisor: Montague DeRose & Associates, LLC
Project Lender
Bondholders, USDOT TIFIA
Credit Assistance Detail
Direct loan: $300 million.  The TIFIA loan received a subordinate pledge of certain tax revenues (including the proceeds of motor fuel taxes, tire taxes, and vehicle registration fees) accruing to PRHTA.
Financial Status
The TIFIA Credit Agreement was signed on August 4, 2000. The USDOT disbursed the $300 million loan in its entirety on August 7, 2000. Taking advantage of the low interest rate environment, PRHTA refinanced the loan with tax-exempt debt in April 2003, fully prepaying the TIFIA loan in the amount of $305.6 million. In keeping with the TIFIA objective of encouraging prepayments when feasible, this loan was paid off 32 years earlier than its scheduled final maturity. The bonds issued to refund the TIFIA loan had an interest rate of 4.97 percent, just over 75 basis points lower than the interest rate on the TIFIA loan. The authority expects to save $31.7 million, based on net present value, when compared to maintaining the TIFIA loan.
Innovations
Systems and Test Track Turnkey procurement approach for one section of alignment, rail systems, and rolling stock
Application Details
Applicant
Puerto Rico Highway & Transportation Authority (PRHTA)
LOI Fiscal Year Received
FY1999
Application Received Fiscal Year
FY1999
Estimated Project Cost
$1617.00M
TIFIA Request
$300.00M
Instrument Type
Direct Loan