photo credit: Sound Transit
| Location | Seattle, Washington Metropolitan Area |
|---|---|
| Project Borrower / Sponsor | Central Puget Sound Regional Transit Authority d/b/a "Sound Transit" |
| Program Areas |
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| Value Capture Techniques | Sales Tax Districts |
| Mode | Light Rail Transit / Managed Lanes |
| Description | The East Link Extension is a 14.5-mile Light Rail Transit (LRT) line that will provide east-west connections from the Eastside's largest population and employment centers to downtown Seattle. On the east shore of Lake Washington, the new line will extend from Redmond to South Bellevue, where it will join the alignment of I-90 and continue to Mercer Island and downtown Seattle via the I-90 floating bridge. The new LRT line will terminate at the International District/Chinatown station, where onward connections are available to the Central Link Light Rail line running between downtown and Sea-Tac International Airport. The project also includes the I-90 Two-Way Transit and HOV Operations project, which will provide eight miles of High Occupancy Vehicle (HOV) lanes across both sides of the I-90 Floating Bridge. This aspect of the project improves transit and HOV reliability using existing right-of-way, without widening the I-90 floating bridge. The project also will replace the fire/life/safety systems located in the Mt. Baker tunnels connecting to the I-90 Floating Bridge, as well as seismic retrofits that will improve the earthquake resistance of the floating bridge. |
| Cost | $4.031 billion |
| Funding Sources | Contribution from cash balances - $281.4 million Sound Transit tax revenue - $1.086 billion Grant revenue - Federal/local - $88.7 million Bond proceeds - $1.060 billion TIFIA loan - $1.330 billion City of Bellevue - $184.5 million |
| Project Delivery / Contract Method | Multiple contract delivery methods |
| Private Partner | None |
| Project Advisors / Consultants | Piper Jaffray - Financial Advisor Foster Pepper PLLC - Counsel to the Borrower To USDOT TIFIA JPO
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| Lenders | Bondholders, USDOT TIFIA |
| Duration / Status | Construction of the East Link Extension began in April 2016 and is expected to be complete in 2023. Construction on the I-90 Two-Way Transit and HOV Operations project is being completed in stages (2008, 2012, and mid-2017) |
| TIFIA Credit Assistance | Direct Loan - $1.33 billion The TIFIA loan will be repaid through pledge of sales and rental car taxes. |
| Financial Status | The TIFIA credit agreement was executed on January 16, 2015. Financial close occurred on January 16, 2015. |
| Innovations |
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| Related Links / Articles | Sound Transit East Link Extension Project Website Sound Transit 2: A Mass Transit Guide - The Regional Transit System Plan for Central Puget Sound Sound Transit ST2 Plan and Project List Washington State DOT I-90 Two-Way Transit and HOV Operations Project Website |
| Contacts | Abby Chazanow |
