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Project Profile: Lynnwood Link Extension

Lynnwood Link Extension

photo credit: Sound Transit

Location

Seattle, Washington Metropolitan Area

Project Sponsor / Borrower

Central Puget Sound Regional Transit Authority (Sound Transit)

Program Areas

Project FinanceTIFIA

Mode

Light Rail Transit

Description

The Lynnwood Link Extension will extend the Link light rail transit system 8.5 miles from Northgate Transit Center in Seattle north to Shoreline in King County and on to Mountlake Terrace and Lynnwood in Snohomish County. The Project includes the construction of four new stations, the addition of 3,790 parking spaces, and the acquisition of 34 light-rail vehicles. The project also includes partial funding for the construction of the Operations & Maintenance Facility: East, which will support maintenance of the light rail vehicles and vehicle dispatching. Link trains originating along the Lynwood Extension will travel south into central Seattle and then east across Mercer Island and on to Redmond to the northeast. Commuters from the Lynnwood Transit Center will enjoy 27-minute travel times to downtown Seattle, where they will have the option to transfer to trains providing access to SeaTac Airport and Federal Way. The trip from the Lynwood Transit Center to SeaTac will take 60 minutes.

The extension is part of the regional mass transit system expansion (Sound Transit 2) approved by voters in 2008 and supported in large part by a dedicated local option sales tax. Additional extensions include East Link from downtown Seattle to Bellevue and Redmond, Northgate south of Lynnwood, and Federal Way south from SeaTac Airport and Angle Lake.

Cost

$3.12 billion

Funding Sources
  • Sound Transit Tax Revenue - $1.21 billion
  • Full Funding Grant Agreement - $1.17 billion
  • TIFIA Loan - $657.9 million
  • Bond Proceeds - $84.7 million
  • Grant Revenue /Other Federal - $8.5 million
Project Delivery / Contract Method

Multiple Contract Delivery methods

Private Partner

None

Project Advisors / Consultants

To Sound Transit

  • Piper Jaffray - Financial Advisor
  • Foster Pepper - Counsel to the Borrower

To USDOT

  • Scully Capital - Financial Advisor
  • Shearman & Sterling LLP - Legal Advisor
Lenders

Bondholders, USDOT TIFIA

Duration / Status

Financial close on December 19, 2018

Construction to begin in mid-2019

Substantial completion expected in November 2024

TIFIA Credit Assistance

Direct Loan - $657.9 million

The TIFIA loan will be repaid through a pledge of sales tax revenue.

Financial Status

December 19, 2018 financial close:

  • TIFIA executed a $658 million loan
  • FTA executed a $1.17 billion Full Funding Grant Agreement (FFGA)

Under the FFGA, the FTA commits to provide up to $1.17 billion (36% of the total estimated cost) subject to annual Congressional appropriation. In return, Sound Transit commits to completing the project on time, within budget, and in compliance with all applicable Federal requirements.

Execution of the grant allows Sound Transit to initially draw upon $200 million in past appropriations toward the $1.17 billion. In advance of the FFGA approval, Congress approved $100 million in FY 2018 Capital Investment Grant funding for the Lynnwood Link light rail extension and $100 million in FY 2017 funding.

Innovations The Lynnwood Link Extension is the third project to reach financial close under a Master Credit Agreement executed by USDOT and Sound Transit in December 2016. The Master Credit Agreement extents a $1.991 billion contingent commitment to Sound Transit, providing certainty, predictability and efficiency for projects to be funded through it.
Related Links / Articles

Lynnwood Link Extension Project Website

Contacts

Lisa Wolterink
Director of Fares & Grants, Finance
Central Puget Sound Regional Transit Authority
Tel: (206) 689-3359
lisa.wolterink@soundtransit.org

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