City Transportation: Mayor Announces New Transbay Transit Center Financing Plan

Thursday, April 14, 2016
MAYOR LEE, SUPERVISORS KIM & WIENER, METROPOLITAN TRANSPORTATION COMMISSION & TRANSBAY JOINT POWERS AUTHORITY ANNOUNCE NEW TRANSBAY TRANSIT CENTER FINANCING PLAN

Mayor Edwin M. Lee along with Supervisor and Metropolitan Transportation Commissioner Scott Wiener, Supervisor and Transbay Joint Powers Authority (TJPA) Director Jane Kim, and TJPA Board Chair Greg Harper today announced a proposed financing package to allow completion of the Transbay Transit Center, Phase One. The Transbay Transit Center is a key to the Bay Area’s continued economic vitality for the coming century, acting as the future northern terminus for Caltrain and the California High Speed Rail system within the multi-modal facility that will accommodate 11 transit operators and serve more than 45 million passengers a year.

“Working together, we have developed a new financing plan to keep the Transbay Transit Center on schedule while protecting taxpayers,” said Mayor Lee. “The Transbay Transit Center will be a nationally renowned, 21st Century transportation hub that will serve our growing City and the region for generations. It is an investment in our infrastructure, in good paying construction jobs and in the future of transportation in the San Francisco Bay Area.”

“The Transbay Transit Center is an absolutely critical part of the future of our regional transportation system, and we need this project to succeed,” said Supervisor Scott Wiener, who is also a MTC Commissioner. “The City and the MTC are stepping in with this loan because if we allow this project to fail, we will pay a far higher price in the long-term. This funding comes with much stricter oversight, due to past mismanagement, and I’m confident that working together, we can deliver a Transbay Transit Center that will be the heart of the Bay Area’s transportation system.”
"This is an investment in a transit-friendly future. It's been a long hard road but we're nearing the finish line and I think that we're going to look back with pride when this is done," said Supervisor Jane Kim, who is also a TJPA Director and former Chair.

“This support from San Francisco and the MTC will ensure the completion of the first phase of the project on time, so combined attention can now focus to getting the trains into the station,” said TJPA Board Chair Greg Harper.