Closing the First TIFIA Rural Projects Initiative Loan
We secured the first Transportation Infrastructure Finance and Innovation Act (TIFA) loan under the Rural Projects Initiative on behalf of San Luis Obispo Regional Transportation Authority. Created to assist rural communities facing financial barriers to improving infrastructure projects, the $13.08 million TIFIA loan will help construct a new bus maintenance and administration facility.
“This $13.08 million federal investment reflects the President’s continued emphasis on rural infrastructure and will provide residents in the San Luis Obispo area with better access to jobs, healthcare, and other services,” said former U.S. Transportation Secretary Elaine L. Chao.
Designed to meet California’s Green Building Code, the new 28,650 square-foot facility will accommodate their current 90-vehicle fleet, include five repair bays, parts storage, locker rooms and allow for future inclusion of battery electric bus chargers and a solar canopy.