(Washington, WA – Insurance News 360) – On Dec. 21, U.S. Transportation Secretary Elaine L. Chao announced the Build America Bureau has awarded a $908 million Railroad Rehabilitation and Improvement Financing (RRIF) direct loan to Dallas Area Rapid Transit to finance the Cotton Belt Corridor Regional Rail Project.
“This financing demonstrates the Department’s commitment to serving as a trustworthy partner to regional and local agencies, which are at the forefront of developing infrastructure solutions to meet the needs of their communities,” said Secretary Chao.
The Cotton Belt Corridor Regional Rail Project is a 26-mile passenger railroad from Dallas-Fort Worth (DFW) International Airpor to the Plano/Richardson area, covering three counties and seven cities. The project will be constructed primarily within the existing DART-owned railroad right-of-way. The tracks are currently used for freight rail service provided by short line and regional carriers. The project will upgrade existing track to meet passenger rail standards, convert single-track to double, and build 10 new stations. Funds will also be used to acquire eight vehicles.
The Cotton Belt Corridor Regional Rail Project is expected to improve mobility, accessibility, and system linkages to major employment, population, and activity centers in the northern part of Dallas, which has long been identified as a heavily congested area in need of additional capacity and mobility solutions. When operational, the project will provide a cross regional route linking DART’s Red, Green, and Orange lines, as well as the Denton County Transportation Authority (DCTA) A-Train.
The Bureau, which administers the RRIF credit program, was established as a “one-stop shop” to streamline credit opportunities, while also providing technical assistance and encouraging innovative best practices in project planning, financing, delivery, and monitoring.
Source: U.S. Department of Transportation.