on Oct 02, 2019
Federal government provides BART’s San Jose extension $125 million in first installment of funds
On August 28, 2019, the Federal Transit Authority (FTA) signaled strong support for the San Jose, California-based Santa Clara Valley Transport Authority’s $5.6 billion Bay Area Rapid Transit (BART) extension by agreeing to provide $125m in early funding.
The Santa Clara Valley Transport Authority, more commonly known as the VTA, is the first in the country to be selected into FTA’s new Expedited Project Delivery program, which aims to accelerate the approval process for large-scale infrastructure projects, like the construction of the BART Silicon Valley four-station extension into downtown San Jose. Building on the existing heavy rail system in a highly-congested part of the Bay Area’s Silicon Valley, this project has the potential to catalyze economic development around the four new stations in Santa Clara County and stimulate the Bay Area economy.
The FTA is highly-supportive of the project in part because of its ‘shovel readiness’ and its ability to identify non-Federal funds. HR&A Advisors has been working over the past year to support VTA as it identifies alternative sources of project funding through a strategy to develop its real estate assets and foster broader economic development along the extension.
Read The Mercury News reporting here: Federal government readies to give BART’s San Jose extension first installment of funds
Check out HR&A’s other Bay Area TOD work with Transbay Joint Powers Authority
Learn more about HR&A’s Transit-Oriented Development Practice