The U.S. Department of Transportation announced that its Build America Bureau (Bureau) has provided up to a $1.76 billion low-interest loan to Purple Line Transit Partners for the Purple Line Light Rail Transit Project in Maryland. The loan will finance up to 33 percent of the $5.9 billion in eligible project costs. The Bureau helps communities across the country deliver infrastructure projects by providing Transportation Infrastructure Finance and Innovation Act loans, known as TIFIA loans, and other types of innovative financing.
Currently under construction, the Purple Line is a 16.2-mile, 21-station, east-west light rail transit line that will extend from Bethesda in Montgomery County to New Carrollton in Prince George’s County. Five major activity centers (Bethesda, Silver Spring, Takoma-Langley Park, College Park, and New Carrollton) will connect with 16 other stations that serve residential communities, commercial districts, and institutional establishments. The project will provide direct connections to four branches of the existing Metrorail system, all three MARC commuter rail lines and Amtrak’s Northeast Corridor line. The project will also include completion of the Capital Crescent Trail supporting bicyclists and pedestrians.
The Maryland Department of Transportation Maryland Transit Administration is working under a Public Private Partnership Agreement (P3 agreement) with Purple Line Transit Partners to design, build, operate, and maintain the light rail system for 35 years. The new loan replaces a previous $874.6 million loan closed in June 2016.
-via Press Release