|Project Sponsor / Borrower||
Chicago Transit Authority (CTA)
CTA seeks to provide rail riders with a safer and enhanced experience by investing over $772.5 million for the purchase of new rail cars to replace aging rolling stock. The new rail cars will increase the size of the fleet to meet growing ridership demands, provide a smoother ridership experience, and improve passenger security with the inclusion of more up-to-date technology. Modernizing the rail fleet will improve the reliability, comfort, and cost-effectiveness of transit service, making it more attractive and beneficial to the riding public. Along with these benefits to riders, replacing old cars with new technologically-advanced vehicles will reduce certain costs to CTA relating to energy use and maintenance.
CTA Bonds - $482 million
TIFIA Loan - $254.9 million
Federal Transit Agency Formula Funds - $35.5 million
|Project Delivery / Contract Method||
|Project Advisors / Consultants||
To the CTA
To USDOT TIFIA JPO
Bondholders, USDOT TIFIA
|TIFIA Credit Assistance||
Direct Loan - $254.9 million.
The TIFIA loan will be repaid through farebox revenues.
|Duration / Status||
Substantial completion of railcars financed by TIFIA is expected in early 2022.
The TIFIA credit agreement was signed in March 2016. The TIFIA loan has two tranches which correspond to two series of the railcars comprising the Project. Each tranche will capitalize interest for approximately 4.5 years. Principal repayment will begin approximately 15 years from substantial completion (of delivery) of each series of cars and will amortize through a 34-year final maturity with the last tranche's final maturity reached in 2056.
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