.  .  . or, at least, it is making it’s final approach.

No matter how you slice it, the news RTD received from the Federal Transportation Administration yesterday is a big leap forward toward realizing the full vision of the FasTracks plan.  You can read about all the developments at the following link: http://www.denverpost.com/ci_14345646.  The summary, though, is that the federal government has agreed to take the following steps in support of the East and Gold train lines (collectively known as the Eagle project) and the Union Station project:

     – The President’s recently released proposed 2011 budget recommends $120 million dollars for the FasTracks program – $40 million dollars each for the East Corridor, Gold Line and West Corridor projects. 

     – In addition to these specific funding recommendations, the President’s budget also signals its intent to sign Full Funding Grant Agreements (FFGA) totaling about $1 billion for the East Corridor and Gold Line. 

     – The $40 million recommendation for the West Corridor is part of the full $308 million FFGA approved in 2009. 

     – FTA also announced the U.S. Department of Transportation’s approval of about $300 million in federal loans to help fund the Denver Union Station project.  

Our financial plans always calculated that we would receive this level of federal financial support, but it is great to see it coming to fruition.  The promise of a billion dollars in federal transportation funding was the basis of my agreement to the financial plan that committed RTD to fund the East line with most of the remaining FasTracks dollars we have available for the foreseeable future (which also led to my proposal for the the Regional Equity Compact Resolution:  http://www.johntayer.org/2009/09/19/the-regional-equity-compact-resolution/).  The upshot is that we can now move forward with three substantial elements of the entire FasTracks system.

Of course, none of this funding does anything to finance the two arms of the FasTracks system that are slated for Boulder County, the Northwest Rail line or bus rapid transit (BRT) service.  Securing these resources, without an intolerable waiting period, likely will entail further federal support and/or additional taxpayer funding.  I also will push RTD to explore other creative financing mechanisms and cost-cutting measures. 

However, now that we have a clear path toward financing the East and Gold lines in hand, along with the Union Station development, we know the Boulder County lines will not be competing for additional resources with those FasTracks projects.  The other benefit for our corridor is the confidence the federal government is demonstrating in RTD’s capabilities through these new funding commitments.  This bodes well for further federal support. And it serves as an encouraging vote of confidence for RTD and its ambitious FasTrax project.