Good news for the Purple Line extension to Westwood: The Source reports that Senators Feinstein and Boxer helped secure a $640 million federal loan for the project, which will cost about $5.3 billion in total if completely finished in 2022 (it's supposed to open in three segments: to Fairfax, Century City, and W'wood). While Measure R provides much of the money for the subway, the bucks have to roll in with taxes and be divvied out to other approved projects, so with the loan the subway can be built faster and open sooner (without federal funding, the line wouldn't get to the VA hospital until 2036). The new loan comes from the Transportation Infrastructure Finance and Innovation Act, which offers lower interest than market rates. The Source also notes that in the TIFIA application, Metro told the feds they hoped to start digging in 2013.
· Subway Extension Receives $640M Loan [The Source]
· Metro Wants To Prepare Us for Subway Construction [Curbed LA]
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