For people wondering about the size of potential DOT loans to AAF, here is one with a similar amount.
Per
Trains:
Sound Transit receives $1.3 billion USDOT loan
SEATTLE – Sound Transit has executed a $1.3 billion federal loan under the Transportation Infrastructure Finance and Innovation Act. This represents the largest single such loan to a transit agency in the country and the second largest such loan overall, and at the lowest rate – 2.38 percent – in the 25-year history of the program.
The low-interest loan, which offers more favorable terms than traditional bonds, will increase Sound Transit’s financial capacity by an estimated $200-300 million. Over the coming years the capacity will enable the Sound Transit board of directors to potentially restore some voter-approved "Sound Transit 2" projects that were suspended as a result of the recession and will help reduce risks of scope reductions or delays.
“This is great news for commuters, the local economy, and Washington state taxpayers,” says U.S. Senator Patty Murray. “I was proud to support this funding for Sound Transit as they continue building a world class transit system that will help our economy continue to grow and create jobs here in Washington state.”
“As ridership on our trains and buses grows, more investments in our transportation infrastructure are needed to meet the demand for transit services,” says Sound Transit Chairman and King County Executive Dow Constantine. “This innovative financing allows local tax dollars to go farther in building the regional system. We are grateful to Senator Murray and Secretary Foxx for their outstanding leadership and support.”
Some of the projects suspended during the recession that the Board could consider moving forward include:
Light rail between Kent/Des Moines and South 272nd Street in Federal Way
Preliminary light rail engineering and right-of-way acquisition from South 272nd Street in Federal Way to the Tacoma Dome
Improvements for accessing Kent Station
Improvements for accessing Auburn Station
Sounder platform extensions
Preliminary light rail engineering between Redmond’s Overlake and downtown areas
A permanent multi-modal station at Edmonds
Sound Transit applied for the U.S. Department of Transportation loan after the recession wiped out $4.5 billion in projected Sound Transit 2 initiative revenues. The reduced revenues required the agency to realign the program, which included suspending some of its capital projects and transit services and reducing costs. The loan allows the agency to borrow money at a lower cost than assumed in the current financial plan for the agency — 2.38 percent instead of 5.75 percent.
