Sound Transit, the Seattle region’s public transportation agency, closed on January 16 on a $1.33 billion loan from the U.S. Department of Transportation. The loan will support the construction of the East Link light rail project from downtown Seattle through Bellevue to Redmond, Washington and the Microsoft campus. The loan comes from the program called “TIFIA,” which stands for the Transportation Infrastructure Finance and Innovation Act.
Sound Transit’s press release (click Sound Transit receives $1.3 billion U.S. Dept. of Transportation loan – SoundTransit to see it) stated the reduction in borrowing costs will restore up to $300 billion to region’s capital plan which was lost due to the drop in sales tax revenue during the great recession.
Peyser Associates is proud to have advised Sound Transit throughout the two-year process from the submittal of their original Letter of Interest to the closing of the loan.