The Santa Clara Valley Transit Authority (SCVTA) is seeking to increase the federal burden of the BART Silicon Valley Phase II Expansion Project (Phase II Project) and is asking the Federal Transportation Administration (FTA) to move the project out of the FTA Priority Projects. submitted a request to From Delivery Pilot Funding Program to New Starts Funding Program. Both are owned by Capital Investment Grants.
The estimated capital cost for the project under the Priority Projects pilot program in November 2021 is $9.1 billion, and the agency can request up to $2.28 billion in federal funding. According to the Santa Clara VTA, his latest funding plan includes an increase of $180 million, bringing him to an expected $9.318 billion. If the move to the New Starts program is approved, the authorities could provisionally seek up to $4.56 billion for the project. The Santa Clara VTA said the updated figures are risk assessment projections for financing plans, not project cost estimates, and that the increase reflects the significant rise in bond rates over the past year and the need for an early bond issuance. It explains that it may be due to the cost of raising funds due to the nature. .
The Santa Clara VTA’s current funding plan for the project does not intend to pursue additional local funding. Officials say this is an acknowledgment of “substantial commitments made by county residents over the years.” The funding plan relies on an additional $750 million in state budget surplus funding, which officials say is critical to completing the funding plan and supporting federal funding applications.
The Santa Clara VTA will prepare updated project schedules and cost estimates over the coming months that reflect current market conditions, risks and advanced designs. Officials are also asking for independent cost estimates and schedules to be prepared.
The Santa Clara VTA requested continued pre-grant authority via a letter of non-prejudice from the FTA (LONP). If granted, the VTA will be able to move forward with the design, begin early construction work, and purchase long lead items, including tunnel boring. machine (TBM). LONP also allows the VTA to continue to cover certain project costs and receive reimbursement once a full funding agreement (FFGA) is signed. Other important project activities will continue as planned. This includes board approval for the TBM purchase and early construction construction activities, scheduled for December.