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Project Profiles

Transbay Transit Center


Location	San Francisco, California
Project Sponsor / Borrower	Transbay Joint Powers Authority (TJPA)
Program Areas
Fiscal Year Approved	Fiscal Year 2010
Mode	Intermodal
Description	TJPA was created in 2001 as a collaboration of Bay Area government and transportation agencies to design, build, operate, and maintain the new Transbay Transit Center, which will replace the existing Transbay Terminal that serves local, regional, and intercity bus transit. Its Board of Directors comprises representatives from the City and County of San Francisco, including the San Francisco Municipal Railway (MUNI), the Office of the Mayor and the Board of Supervisors; the Alameda-Contra Costa Transit District (AC Transit); and the Peninsula Corridor Joint Powers Board-Caltrain, composed of the City and County of San Francisco, the San Mateo County Transit District, and the Santa Clara Valley Transportation Authority. The Transbay Transit Center Project will replace the Transbay Terminal with a new multi-modal transportation center and centralize the region's transportation network by accommodating nine transportation systems under one roof. The project consists of three components: Replacing the outdated Transbay Terminal with a modern transit hub Extending the Caltrain rail line from its current terminus 1.3 miles and into the heart of the Financial District, including a provision for future high-speed rail Redeveloping the area surrounding the Transbay Transit Center with 2,600 new homes (35% affordable), parks, and a retail main street The project is being developed in two phases. Phase 1 includes the Transit Center building and will also include the Caltrain extension rail foundation for Phase 2, pending receipt of applied for grant funds. Phase 2 includes the remaining rail component. A Temporary Terminal serves existing bus passengers - AC Transit, WestCAT, MUNI, Golden Gate Transit, SamTrans, and Greyhound - while the new transit center is under construction.
Cost	Total Cost for Phase 1: $1.189 billion
Funding Sources	Phase 1 only. Funding for Phase 2 is still being secured. Local: San Francisco Proposition K sales tax: $97.8 million San Mateo County Measure A sales tax: $7.3 million AC Transit capital contribution: $38.5 million Other local: $7.6 million Regional: Regional Measure 1 (RM-1) Bay Area toll bridge revenue: $54.4 million Regional Measure 2 (RM-2) Bay Area toll bridge revenue: $142 million AB 1171 (Bay Area toll bridge seismic retrofitting legislation): $150 million State: State funding: $28.3 million Land sales: $429.5 million Federal: TEA-21 earmark: $8.8 million SAFETEA-LU earmarks: $53.8 million TIFIA loan: $171 million
Project Delivery / Contract Method	The San Francisco Redevelopment Agency (SFRA) in collaboration with the Transbay Joint Powers Authority will develop the project through competitive bid by private developers under the SFRA's Redevelopment plan.
Private Partner	None
Project Advisors / Consultants	Pelli Clarke Pelli Architects/Hines - Transit Center design and development team Webcor Obayashi, Joint Venture - Construction management Orrick, Herrington & Sutcliffe - Bond counsel To USDOT TIFIA JPO: TIFIA Legal Advisor: Katten Muchin Rosenman LLP TIFIA Financial Advisor: First Southwest Company
Lenders	USDOT TIFIA
Duration / Status	Temporary terminal construction started in December 2008. Demolition of original bus terminal is completed and the project is currently operating at the temporary site. The project received $400 million in American Recovery and Reinvestment Act of 2009 (ARRA) funding via the Federal Railroad Administration for Phase 1 to build the train box below ground. The substantial completion date has been extended to 2017 to incorporate this new phase.
TIFIA Credit Assistance	Credit agreement signed on January 25, 2010 The TIFIA loan is secured by a senior lien on Project Revenues, which include dedicated tax increment revenues from land sold and developed in the state-owned parcels surrounding the Transit Center, and a commitment of passenger facilities charges from the Transit Center's initial primary tenant, AC Transit.
Financial Status / Financial Performance	TIFIA loan closed on January 25, 2010 Sources for repayment of the TIFIA loan include tax increment from state-owned parcels (98% of revenues) and passenger facility charges (PFCs) from AC Transit (2% of revenues).
Innovations	This is the first TIFIA loan secured by value capture revenues from real estate taxes on surrounding transit oriented development. The new transit center, with its sustainable and green building features, will make public transit a convenient option, thereby decreasing congestion and pollution.
Related Links / Articles	Transbay Transit Center Website Temporary Terminal Website Phase 1 financial summary San Francisco Redevelopment Agency Transbay Project page
Contacts	Maria Ayerdi-Kaplan Executive Director 201 Mission Street, Suite 1960 San Francisco, CA 94105 (415) 597-4620 (415) 597-4615 MAyerdi-Kaplan@TransbayCenter.org