On November 23rd, NVTA closed on a loan for up to $19.92 million with the U.S. Department of Transportation (USDOT) under the Transportation Infrastructure Finance and Innovation Act (TIFIA) Rural Project Initiative (RPI). This is only the third loan approved nationwide under the TIFIA RPI program. The DOT provides TIFIA RPI and other surface transportation infrastructure financing through the Federal Build America Bureau (BAB).
The special loan features a no-fee, 35-year fixed interest rate equal to one half of the U.S. Treasury rate, or 1% as of today, that will help finance 49% of the construction of the new Vine Bus Maintenance Facility on Sheehy Ct. near the Napa County Airport. The agency intends to pay the feds back using existing revenues over a 30-year period. The Bank of Marin has also provided financing for the project.
The current leased facility on Jackson St. does not support existing operations nor bus fleet electrification. A groundbreaking ceremony will be held for the facility in early 2022, and completion is expected in the summer of 2023.
Alfredo Pedroza, NVTA Board of Directors Chair stated, “This is truly a remarkable accomplishment – the NVTA team has worked tirelessly for more than 10 years to bring this project to fruition. The TIFIA loan approval is an endorsement that the federal government has confidence in the project and the agency’s ability to fulfil its loan obligations.”
“Accessible, clean and affordable public transportation is vital for our way of life now in the Napa Valley, and to help preserve it in the future - the Vine Bus Maintenance Facility is crucial to ensure the transit system can operate efficiently, adapt to new technologies, and grow to serve the people who live, work, and visit Napa Valley,” exclaimed Executive Director Kate Miller. “We are sincerely grateful for the BAB’s and Bank of Marin’s partnership and support of this effort.”