San Francisco subway funding approved

The Board of Directors of the San Francisco Municipal Transportation Agency approved the financial plan of the Central Subway, Phase 2 of the SFMTA’s Third Street Light Rail Project, the San Francisco Sentinel reports. The Board’s approval is a step in anticipation of submitting the plan as part of the FTA’s New Starts Program in February. The SFMTA is on an active path to achieve a Full Funding Grant Agreement (FFGA) from the FTA by the end of this year. “Closing the funding gap for the Central Subway Project stems from the commitment of federal, state and local government and community support from the southeast sector of the City to Chinatown,” said Mayor Edwin Lee. “This project is vital to connecting our City’s civic, business and cultural centers with our diverse communities along the corridor.” “The long-standing support of the federal government and the local communities will ensure the momentum of the Central Subway project,” said Tom Nolan, Chairman of the SFMTA Board of Directors. “The scores of riders the Central Subway will serve and the communities it will bring together will ensure its success.” “I am proud to announce that our Agency has closed the project’s $137 million funding gap and continues to be on track to receive the FFGA later this year that will secure $942.2 million of federal New Starts funding for this project,” said Nathaniel Ford Sr., SFMTA CEO. “We are deeply gratified by the support of our federal, state and local funding partners and, most importantly, that of the local communities.” The Central Subway is Phase 2 of the Third Street Light Rail Project. When service begins, this 1.7-mile extension of the existing T Third rail line will connect communities from Visitacion Valley to Chinatown with modern, convenient light rail service. The improved service will decrease transit travel times, relieve congestion, enhance the environment, stimulate economic activity along the corridor and provide thousands of much-needed jobs along the way. The Central Subway has received $72 million in New Starts federal funding to date. The total project cost (with contingency) is expected to be $1.57 billion, with the federal government contributing close to $1 billion.