Federal stimulus funding for light-rail transportation project will help TriMet with debt
Federal Transportation Secretary Ray LaHood on Thursday reaffirmed his love affair with metropolitan Portland’s rail system, announcing that $32 million in federal stimulus funds will go to the MAX green line.
The Federal Transit Administration previously agreed to fund $345.4 million of the $575.7 million total project cost for the line. That money was to be paid out annually through 2011.
Thursday’s announcement doesn’t change the amount of federal money the project will receive. It does, however, make some of the money available for the project sooner than it would have been otherwise.
Federal money typically lags behind TriMet construction expenses, said General Manger Fred Hansen. Pushing the $32 million ahead allows TriMet to retire debt earlier than it otherwise would have, saving the agency money.