Federal Transit Funds Could Save Puget Sound Taxpayers Money
REDMOND, WA — A package of low-rate federal loans for transit projects will save Puget Sound taxpayers an estimated $500 million, the U.S. Department of Transportation announced this week. Speaking in Redmond on Wednesday, the U.S. Deputy Secretary of Transportation unveiled expanded financial assistance for ongoing Sound Transit projects.
"The major package of loans that U.S. DOT has approved for Sound Transit demonstrates the Biden-Harris Administration's commitment to public transit, job creation, equity and tackling climate change," said Polly Trottenberg. "As excited as we are about these projects in the Puget Sound region, we also know there is so much more to do across the country, and the Bipartisan Infrastructure Deal will allow us to deliver on that."
The loans provided under the Transportation Infrastructure Finance and Innovation Act (TIFIA) program include new funds for the Downtown Redmond Link Extension and refinances five previous loans with more favorable rates. The loans allow Sound Transit to borrow at very low interest rates, amounting to hundreds of millions saved over the long term, officials said.
"In the next three years we will nearly triple our region's light rail system from 22 to 62 miles," said King County Executive Dow Constantine. "That represents rapid progress, but we will still have so much work ahead to complete the 116-mile system that our region's voters approved in 2016. Our success depends in part on innovative federal partnerships like this, and on congressional action to reinvest in our nation's infrastructure."
https://www.msn.com/en-us/news/us/federal-transit-funds-could-save-puget-sound-taxpayers-money/ar-AANw2vM