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Last week, the Transbay Transit Center project in San Francisco reached a funding milestone when the Credit Council in Washington, D.C., recommended the U.S. Department of Transportation approve a $171 million Transportation Infrastructure Finance and Innovation Act loan for the facility.

The loan would cover 14 percent of first-phase capital costs to build the $4 billion transit center in downtown San Francisco. The project will be funded through federal, state and local sources.

The Credit Council comprises the assistant secretary for budget and programs, assistant secretary for transportation policy, undersecretary for policy, director of the Office of Small and Disadvantaged Business Utilization, general counsel and administrators of the Federal Highway Administration, as well as representatives from the Federal Railroad Administration, Federal Transit Administration and Maritime Administration.

The Transbay Joint Powers Authority expects to present a loan agreement to its board in November.

The project calls for replacing the current Transbay Terminal with a new multi-modal transportation center that will serve nine transit systems. Work also includes extending a Caltrain line 1.3 miles into the heart of San Francisco’s financial district and redeveloping the area surrounding the center. Construction on a temporary terminal began in December 2008 and demolition of the current bus terminal is scheduled to begin in February 2010.