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3/31/2022
The Biden administration’s proposed fiscal-year 2023 budget would provide Sound Transit $516.6 million earlier than the agency expected.
The accelerated funding would reduce borrowing costs by more than $40 million for regional taxpayers that then can support other voter-approved light-rail extensions to such cities as Tacoma, Everett, West Seattle, Ballard, South Kirkland and Issaquah, Washington, Sound Transit officials said in a press release.
“Receiving federal grant commitments early helps us in multiple ways. Not only does it save our taxpayers money, it also frees up capacity in future years so the federal government can help us with our next generation of projects,” said Sound Transit CEO Peter Rogoff.
Sound Transit would receive a total of $716.6 million in the proposed federal FY23 budget, including $318 million for the Federal Way Link extension and $250 million for the Lynnwood Link extension. Federal commitments so far for completing the extensions include nearly $2 billion in Federal Transit Administration (FTA) grants.
With the FY23 funding, the Federal Way project in just one year could complete the FTA’s multiyear grant requirement — three years sooner than previously committed — and the Lynnwood Link project’s grant could be paid off at least three years sooner than 2028, Sound Transit officials said.
Over the next three years, the agency plans to more than double the region’s light-rail system from 26 miles to 62 miles. Later expansions would expand the system to 116 miles while establishing new bus rapid transit services and improving Sounder rail service.
“President Biden’s proposed 2023 funding represents a significant acceleration of support for [our] work to build the most ambitious transit expansion program in the nation,” said Sound Transit Chair Kent Keel.