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The San Francisco Transbay Joint Powers Authority recently awarded a contract to URS Corp. to manage the $2 billion Multimodal Transbay Terminal project.

The three-year, $37.6 million contract includes options to extend the agreement for two additional three-year terms.

The project calls for replacing the existing downtown terminal with a new facility on the same site, and expand rail and bus service in the area. Caltrain will extend its commuter-rail service one mile underground from its current terminus into downtown San Francisco.

The Caltrain tracks and Transbay Terminal also could serve a proposed high-speed rail line, which would connect San Francisco, Sacramento, Los Angeles and other southern California cities.