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Lynnwood Link Extension

A map of the Lynnwood Link Extension project
Project Type: 
Public Transit
Sponsor / Borrower: 
Central Puget Sound Regional Transit Authority (Sound Transit)
Credit Agreement Status: 
Active
TIFIA Assistance: 
$657.9 million
Primary Revenue Pledge: 
Sales Tax Revenues
Project Cost Details: 

$3.12 billion in eligible project costs

Duration / Status: 

Construction will commence in 2019, and substantial completion is expected in November 2024.

Fiscal Year Closed: 
FY2019
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.

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 Advisors / 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(s): 
USDOT Build America Bureau
Bondholders
TIFIA 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.

Project Contacts: 

Lisa Wolterink
Director of Fares & Grants, Finance
Central Puget Sound Regional Transit Authority
Phone: (206) 689-3359
Email: lisa.wolterink@soundtransit.org

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