Westside Purple Line Extension, Section 1

09/08/2016

IMG Rebel advised the U.S. TIFIA program on the financing for the $2.648 billion Westside Purple Line Extension, Section 1, in Los Angeles, CA.  The financing closed in May, 2014.

Connecting Major Los Angeles Business Centers
The Westside Purple Line Extension is the extension of the Purple Line from its current terminus at Wilshire/Western nine miles to Los Angeles' "second downtown" through the neighborhoods of Beverly Hills, Century City, and Westwood. The new line will ultimately add seven stations upon the completion of all three phases of the project. Section I of the project also includes the procurement of 34 new heavy rail vehicles compatible with the existing system and improvements to existing Division 20 Rail Maintenance and Storage Yard to accommodate additional vehicles.

Funded with Sales Tax and FTA Grants
The project was funded with a variety of sources, including a $1.25 billion Federal Transit Administration New Starts grant, the $856 million TIFIA loan, Measure R sales taxes and other federal, state, and local grants.

Construction Underway
The extension is currently slated to be built in three sections by the design-build delivery method.  Construction of Section 1 began in January 2015. Substantial completion is expected to be achieved in November 2023.

IMG Rebel Role
IMG Rebel’s support for this financing included conducting due diligence on the construction and development plan, assessing sale tax forecasts, and evaluating the financial plan.  IMG Rebel also assisted in negotiating the terms of the financing documents.

Find more information....