Fact Sheet: Washington Metropolitan Area Transit Authority Capital Improvement Program
Washington DC Metropolitan Area, DC/MD/VA
Approved FY 1999
Description
WMATA operates a rail and bus system serving the National Capital area. It is the fourth largest transit system in the U.S. and the “Metro” is the nation’s second largest rail transit system, spanning 103 miles and incorporating 83 stations.
The WMATA capital improvement program (CIP) will replace vehicles and rehabilitate facilities and equipment on the rail and bus systems. Individual components of the CIP include procurement of new buses and rail cars; major maintenance and rehabilitation of electrical and mechanical systems, communications, and track and structures to improve system-wide performance; escalator and elevator rehabilitation and other station enhancements; parking lot improvements; and upgrades to several maintenance facilities.Project Status
Construction is underway. Substantial completion of the CIP is anticipated for mid-2009.
Funding Sources
Anticipated funding sources are as follows (dollars in millions):
- Federal grant funds: $1,547
- Local match: 560
- Grant anticipation bonds: 217
Total: $2,324
In addition to the sources above, WMATA has a $600 million line of credit from Lehman Commercial Paper, Inc. which is guaranteed under TIFIA. This line of credit permits WMATA to demonstrate adequate fiscal capacity under the terms of its funding agreement with local jurisdictions.
TIFIA Credit Assistance
Loan guarantee: $600 million.
Date of credit agreement: January 28, 2001.
The TIFIA loan guarantee permitted WMATA to obtain the line of credit at no cost. The TIFIA guarantee backs repayments to Lehman Commercial Paper, Inc. should WMATA draw on the line of credit and be unable to repay. Revenues that would secure a line of credit draw, and thus the TIFIA guarantee, include the system's gross revenues as well as payments provided by local area governments to support the CIP.
TIFIA Financial Performance
WMATA has not drawn on the Lehman commitment, and thus there has been no possibility of a draw on the TIFIA loan guarantee.