VIDEO: US$ 171 million loan for Transbay Transit Center Project
By Richard High09 February 2010
The Transbay Joint Powers Authority's US$ 4 billion Transbay Transit Center Project in San Francisco has received a US$ 171 million loan under the country's Transportation Infrastructure Finance and Innovation Act (TIFIA).
The loan will fund about 14% of the project's US$ 1.2 billion Phase I capital costs. The new Transbay Transit Center Project is funded through local, state, and federal funding sources.
The US$ 171 million TIFIA loan paves the way for the next stage of funding for the train box, according to a statement by the Transbay Joint Powers Authority (TJPA).
The TJPA has applied for US$ 400 million in federal economic stimulus funds to construct the below grade train levels of the Transit Center as a part of the first phase of construction, saving the project US$ 100 million.
The Transbay Transit Center Project will replace the current Transbay Terminal with a new, multi-modal transportation centre and centralize the San Francisco metropolitan area's transportation network by accommodating nine transportation systems under one roof.
The three components of the project - replacing the outdated Transbay Terminal, extending the Caltrain rail line 1.3 miles into the city's Financial District and redeveloping the area surrounding the Transbay Transit Center with 2600 new homes, parks and new retail outlets - is designed to stimulate use of the city's mass transit system, thereby reducing congestion and pollution.
The project broke ground on a temporary terminal in December 2008. Demolition of the current bus terminal is scheduled for later this year.
For more information about the project, please visit www.transbaycenter.org