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DOT to provide nearly $2bn to Seattle transit projects

Staff Writer | December 23, 2016
U.S. Transportation Secretary Anthony Foxx announced that four transit projects in the Seattle area could receive up to nearly $2 billion in financing.
Anthony Foxx
Transportation   An innovative infrastructure financing
They will receive that through an innovative infrastructure financing tool created by the Department of Transportation’s Build America Bureau.

The Central Puget Sound Regional Transit Authority (Sound Transit) and the Build America Bureau (Bureau) signed a Master Credit Agreement (MCA) – a first-of-its-kind arrangement in which the local transit authority will be able to expedite multiple loan requests under a single agreement with the federal government.

The first of those loans, $615.3 million for the Northgate Link Extension, was also closed.

“This announcement demonstrates that the Build America Bureau is already playing a major role in how projects are planned and paid for by streamlining the financing process and bringing together valuable tools for accessing federal dollars,” said Transportation Secretary Foxx.

“This means projects like the Northgate Link Extension Project can move forward more quickly and effectively.

“We are proud of the work done through the Bureau to speed investments needed in growing regions like the Pacific Northwest. This development is a big win for the entire region.”