- Briefing Room
San Francisco, California
|Project Sponsor / Borrower||
Transbay Joint Powers Authority (TJPA)
|Value Capture Techniques||
Right-of-Way Use Agreement
Sales Tax Districts
Tax Increment Financing
TJPA was created in 2001 as a collaboration of Bay Area government and transportation agencies to design, build, operate, and maintain the new Transbay Transit Center, which will replace the existing Transbay Terminal that serves local, regional, and intercity bus transit. Its Board of Directors is composed of representatives from the City and County of San Francisco, including the San Francisco Municipal Railway (MUNI), the Office of the Mayor and the Board of Supervisors; the Alameda-Contra Costa Transit District (AC Transit); and the Peninsula Corridor Joint Powers Board-Caltrain, composed of the City and County of San Francisco, the San Mateo County Transit District, and the Santa Clara Valley Transportation Authority.
The Transbay Transit Center will replace the Transbay Terminal with a new multimodal transportation center and centralize the region's transportation network by accommodating nine transportation systems under one roof, as well as California High Speed Rail and an underground pedestrian connection to the Embarcadero BART/Muni station. The project consists of three components:
The project is being developed in two phases. Phase 1 includes the Transit Center building and the below-grade rail levels, along with a new bus ramp connecting the Transit Center to a new off-site bus storage facility and the San Francisco-Oakland Bay Bridge. Phase 2 includes the Caltrain Downtown Extension Program.
A Temporary Terminal serves existing bus passengers (AC Transit, WestCAT, MUNI, Golden Gate Transit, SamTrans, and Greyhound) while the new transit center is under construction.
A complementary transit tower will be built adjacent to the Transit Center and will provide additional financing for the project.
Total program cost estimate - $6,194 million
Total cost for Phase 1 - $2,259.4 million
Phase 1 only. Funding for Phase 2 is being secured.
|Project Delivery / Contract Method||
The San Francisco Redevelopment Agency (SFRA) in collaboration with the Transbay Joint Powers Authority is developing the project through competitive bid by private developers under the SFRA's Redevelopment plan. The transit tower joint development project is enabled by a Right-of-Way Use Agreement.
|Project Advisors / Consultants||
Pelli Clarke Pelli Architects/Hines - Transit Center design and development team
Webcor Obayashi, Joint Venture - Construction management
Orrick, Herrington & Sutcliffe - Bond counsel
To USDOT TIFIA JPO
Goldman Sachs Bank (bridge loan)
City and County of San Francisco (interim financing)
|Duration / Status||
Temporary terminal construction started in December 2008 and the facility opened in August 2010.
Phase 1 substantial completion is expected in October 2017.
|TIFIA Credit Assistance||
Direct Loan - $171.0 million
The TIFIA loan is secured by a senior lien on Project Revenues, which include dedicated tax increment revenues from land sold and developed in the state-owned parcels surrounding the Transit Center (98% of revenues), and a commitment of passenger facilities charges from the Transit Center's initial primary tenant, AC Transit (2% of revenues).
|Financial Status / Financial Performance||
TIFIA credit agreement was executed on January 25, 2010.
|Related Links / Articles|