The Capital Improvement Program (CIP) is complete.
WMATA operates a rail and bus system serving the National Capital area. It is the fourth largest transit system in the U.S., and WMATA is the nation's second largest rail transit system, spanning 103 miles and incorporating 83 stations.
WMATA's capital improvement program (CIP) replaced vehicles and rehabilitated facilities and equipment on the rail and bus systems. Individual components of the CIP included procurement of new buses and rail cars; major maintenance and rehabilitation of electrical and mechanical systems, communications, and track and structures to improve system-wide performance; escalator and elevator rehabilitation and other station enhancements; parking lot improvements; and upgrades to several maintenance facilities.
- Federal Grant Funds: $1.547B
- Local Matching Funds: $560M
- Grant Anticipation Notes (GANs): $217M
In addition to the sources detailed below, WMATA had a $600 million loan commitment (i.e., line of credit) from Lehman Commercial Paper, Inc. which was guaranteed by TIFIA. This loan commitment permitted WMATA to demonstrate adequate fiscal capacity under the terms of its funding agreement with local jurisdictions.
Fixed price contract for rail car procurement.
To USDOT TIFIA JPO:
- TIFIA Legal Advisor: Hawkins, Delafield & Wood, LLP
- TIFIA Financial Advisor: Montague DeRose & Associates, LLC
Loan guarantee: $600 million. The TIFIA loan guarantee permitted WMATA to obtain the loan commitment at no cost. The TIFIA guarantee backed repayments to Lehman Commercial Paper, Inc. should WMATA have drawn on the loan commitment and was unable to repay. Revenues that would secure a loan commitment draw, and thus the TIFIA guarantee, included the system's gross revenues as well as payments provided by local area governments to support the CIP.
- The first TIFIA project to utilize a loan guarantee to support a TIFIA project
- Funding agreement with local jurisdictions