Fact Sheet: Reno Transportation Rail Access Corridor (ReTRAC)
Reno, NV
Approved FY 2001
Retired: Paid in Full
Description
This project involves a 2.25-mile below-grade rail freight corridor with two mainline tracks and an access road, replacement of 10 at-grade rail crossings with bridges, and construction of one new bridge. A “shoofly” track served as a temporary bypass route during construction.
Reno is situated in a major rail corridor linking west coast ports, especially the Port of Oakland, to inland destinations. The Union Pacific Railroad is expected to increase train traffic through central Reno from 14 trains to at least 24 trains per day. The project allows Union Pacific to improve freight capacity by increasing train lengths to 8,000 feet with double-stacked containers.Project Status
The trench opened to train service on November 18, 2005. Using a design/build contractor, Reno completed the entire project in the spring of 2006.
Funding Sources
Anticipated funding sources are as follows (dollars in millions):
- Senior bond proceeds: $111.5*
- TIFIA direct loan: 50.5
- Federal grants: 21.3
- Railroad payment: 17.0
- Other: 79.6**
- Total: $279.9
*(revenue bonds issued by City of Reno)
**(includes cash on hand and interest earnings)
TIFIA Credit Assistance
The original TIFIA commitment amounted to $73.5 million, comprised of three separate obligations:
- Sales and room tax loan: $50.5 million; secured by county sales and city hotel room taxes.
- Lease-backed loan: $5 million, secured by lease income from property contributed by Union Pacific.
- Assessment district loan: $18.5 million, secured by tax assessments on real property in a downtown business district. Adjoining the ReTRAC corridor
TIFIA Financial Performance
With revenues securing the $50.5 million sales and room tax loan performing as projected, the City repaid the original $50.5 million loan with interest in May 2006.