Substantial completion is expected in 2021.
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.
- Sound Transit Sales Tax Revenues: $932.9 million
- TIFIA Loan: $615.3 million
- Bond Proceeds: $244.4 million
- Grant Proceeds: $71.8 million
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
Direct loan: $615.3 million. The TIFIA loan will be repaid with sales/use, rental car, and motor vehicle taxes.
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.
Director of Fares & Grants, Finance
Central Puget Sound Regional Transit Authority
Phone: (206) 689-3359