|Project Sponsor / Borrower||
Central Puget Sound Regional Transit Authority (Sound Transit)
Light Rail Transit
The Northgate Link Extension expands Seattle's Sound Transit Link light rail system 4.3 miles north from the existing Capitol Hill and University of Washington Stations that opened in March 2016. The extension runs primarily underground through twin-bored tunnels and features three new stations:
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, Lynnwood further north from Northgate, and Federal Way south from SeaTac Airport and Angle Lake.
The project is the first to reach financial close under a TIFIA Master Credit Agreement (MCA), first authorized under MAP-21, under which USDOT may make a contingent commitment of future TIFIA credit assistance for a program of related projects secured by a common security pledge. Sound Transit secured a $1.991 billion contingent commitment to fund, through individually approved loans, portions of the Northgate Link, Lynnwood Link, Federal Way Link, and Operations and Maintenance Facility: East that will serve the new extensions.
Sound Transit sales tax revenues - $932.9 million
TIFIA loan - $615.3 million
Bond proceeds - $244.4 million
Grant proceeds - $71.8 million
|Project Delivery / Contract Method||
Design-builder (tunnels) - JCM Northlink LLC
|Project Advisors / Consultants||
U District Station
To Sound Transit
To USDOT Build America Bureau
USDOT TIFIA, Bondholders
|Duration / Status||
Construction began in late 2012.
Revenue service operations is expected in 2021.
|TIFIA Credit Assistance||
Direct Loan - $615.3 million
TIFIA loan will be repaid with sales/use, rental car, and motor vehicle taxes.
|Financial Status / Financial Performance||
The TIFIA credit agreement was signed on December 22, 2016. Principal repayment of the TIFIA loan will begin in 2021, and will amortize through final maturity anticipated in 2056.
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