The US Department of Transportation (DOT) has awarded a $180m Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for the Charlotte Area Transit System (CATS) to build the Lynx Blue Line light rail extension.
The loan will support expansion of the light rail system from Center City Charlotte to the UNC Charlotte Campus.
Go deeper with GlobalData
Approximately 7,600 jobs are expected to be created during the construction phase of the light rail extension, which is expected to be opened in 2018.
The 9.3-mile extension is expected to create more than 18,900 additional riders each weekday, as well as help to reduce congestion along Interstate 85 and US Route 29, where commercial and residential growth is expected to continue.
It will add service along the 18.6-mile light rail corridor in north-east Charlotte.
See Also:
US Transportation Secretary Anthony Foxx said: "This project is already catalysing economic growth and opportunity by connecting the city’s financial, high-tech and cultural centres with the thriving UNCC campus and giving commuters an alternative to sitting in traffic on I-85 and US 29.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData"The project also connects and will help revitalise many historically underserved neighbourhoods.
"The Blue Line extension is an important piece of the overall transit system that Charlotte needs in order to thrive in the 21st century."
In addition to the $180m TIFIA loan, the federal transit administration (FTA) is providing $580m for the $1.16bn project through FTA’s capital investment grant programme.
DOT deputy assistant secretary for budget and programmes Lana Hurdle said: "The Lynx Blue Line extension is critical to the city of Charlotte.
"The TIFIA loan reduces financing costs to ensure that CATS can complete this project and have a more robust capital plan going forward."
The TIFIA credit programme is designed to fill market gaps and use substantial non-federal investments.
Image: 7th Street Station on the LYNX light rail line in Charlotte, North Carolina. Photo: courtesy of Justin Ruckman via Wikipedia.
